February 11, 2008
February 11, 2008
Tighter Mortgage Rules
Category: General Tips
Just came across a remortgage site, and they had some very interesting and informative news articles. Most of them really deal with the current housing loan situation, which is becoming a world wide phenomenon. Not only is this impacting the USA, but it also starting to hit home in the UK.
Currently, the lenders in the UK are wanting to have tighter mortgage rules. Part of this problem is because the developers are inflating the prices by adding features and paying for closing costs into the overall price. People are going for this, and basically will end up in a house, with a payment for a house not worth the payments. This could potentially lead to disaster for the buyer.
If lenders get their way, this will be a win-win for the consumers, and help them to know for sure their purchase price of the house is also the value of the house.