With applications getting more complicated, approvals going down and rates getting higher, it seems as though there is no such thing as an easy loan at this time. Consumers are definitely finding it more difficult to get a loan they can afford and unfortunately, it appears as though this trend will be continuing for some time. Until this changes, getting an easy loan may be impossible for many consumers, especially if their credit has seen better days. These problems are expected to continue for the next six months, at the least.
“We are living through a period of inflating prices and mortgages are no exception,” explained Francis Ghiloni, mform’s marketing and business development director.
“The Bank of England can cut rates but as we have seen over the past year there is no guarantee this will translate into a lower true cost of mortgages at least in the short term.”
“With rates creeping steadily upwards the advice to borrowers looking for a new deal is clear. Look to minimise your exposure to rate rises by ranking your mortgage on the true cost taking into account repayments as well as all fees,” added Ghiloni.
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