23rd May 2012

Mortgage Lending Tightening

I have noticed that clients are once again finding it difficult to get mortgage funding for their purchases. I recently read a report from Mortgage Advice Bureau’s CEO, Peter Brodnicki, estimating that the total mortgage market in 2012 will be £125b. This compares with £135b last year and £360b at the height of the boom. Peter Brodnicki said “…..with Santander announcing that it will be lending £10b less this year it is hard to see that anyone will pick up the slack and indeed some other lenders could follow suit.”

With problems in Greece and other members of the Eurozone potentially having an impact on British Banks and with ever tightening regulations I have a concern about lack of mortgage finance impacting on the Scottish property market.

This reinforces to me the importance of clients getting independent mortgage advice from qualified Mortgage Advisers to ensure that they get the best possible deal available to them on the market and secure a mortgage that they might not otherwise have got.

Lindsay Darroch
Partner and Head of Property

 

 

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