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Getting a mortgage

With the current climate and the mortgage lending crisis, the amount of lending available to the consumer has significantly tightened up and it is more difficult than ever to get a good mortgage. This is a difficult reality for home buyers and has severely impacted the housing market. Sub prime lending has pretty much disappeared and it is now back to basics for the mortgage industry; only lend to good credit worthy borrowers who have deposits to put down on a mortgage..

This has impacted the every day life of many people in many areas of the country and indeed the world. Home buyers are struggling to save higher percentage deposits that are being requested by lenders and this means that there are many people who simply cannot buy a house. This is bad situation for property sellers. We are already in a buyers market where the supply is outstripping demand and buyers who are qualified to buy in this market are seeing an intensified buyers market. So to help property buyers get a mortgage, here are some pointers worthy of note


Work with a mortgage broker who has relationships with many lenders to give you a good choice of mortgage loans that are available on the market.

Save up as much as you can to get your self a healthy deposit sum for the mortgage of 15% +. Lenders are wary of the fact that people will smaller deposits are riskier borrowers and hence will either not lend or lend at a higher cost. The statistics suggest hat people with smaller deposits are more likely to walk away and face repossession so the more deposit that you have available, the better the mortgage package that you will get. Lenders are generally “rewarding” people with bigger deposits with better mortgage deals that offer good rates and good mortgage terms.

In these times it is more important than ever to take steps to improve your credit rating.
Stick to your buying plans and don’t let the declining market make you think that you cannot get a mortgage even though you may be in a position to get a decent deal. This is a great buyers property market so it is wise to capitalize on the opportunities with great negotiating power to get some excellent deals.


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Contact us to find out if you qualify for a good mortgage deal and let us make recommendations to help you pick the best mortgage product..