Difficult to get a mortgage in 2010
Recent comments from Firstrung may tempt Brits to invest in a home improvement, such as a bespoke conservatory, in order to make their property more comfortable and appealing.
According to the firm, those selling their home at the moment may have trouble, due to the difficulties faced when applying for a mortgage.
Chief executive officer Paul Holmes suggested that it is now much more difficult to obtain finance for a property than it was two years ago.
He noted that lenders are generally asking for first-time buyers to front a 20 to 25 per cent deposit, which few are able to do.
Recent unbiased.co.uk figures show that the majority of people have a distorted view of the mortgage market, with many still believing that the difficulty in obtaining decent rates on a home loan is down to lenders' tough criteria.
"Unbiased.co.uk have to compare the excess, for example, 2007 where if you had a heartbeat and a passport you could get a mortgage at any amount you wanted really; whereas today attempting to get a mortgage is akin to attempting to get a mortgage in the 70s and 80s," Mr Holmes explained.
Posted by Paul Steel
Teach kids DIY, parents urged
Brits should teach their offspring how to carry out home improvements to help them in later life, it has been claimed.While some jobs, such as erecting a bespoke lean-to conservatory, may be best left to the experts, teaching kids...
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