Sales, Mortgages & Down-Pricing
Mortgages – Buyers Beware?
Recent claims that down-pricing a property by the mortgage company when a sale is agreed is nothing new. To be happening in up to 46% of cases recently is rather alarming. In turn forcing potential buyers out of the market due to the shortfall in the mortgage on offer.
Although being experienced by many buyers across the property price divide. The majority of these cases continue to be first-time buyers, who appear to continue to suffer the most in an already difficult market place for them.
A survey by the Bank of England only last week, warned that mortgage lending may become even stricter in the coming months as lenders are wary of economic problems caused by the pandemic. So please beware!