Monday, August 2, 2010

Yes the market will boom…ha ha ha

Mortgage lender refuses remortgage application because the road's busy and there's a restaurant next door

Mortgage lenders are becoming so strict with their criteria that they are denying loans to customers despite having previously agreed loans on their properties. In one case, a couple were denied a mortgage on their London home even though they had been granted a loan on it from the same lender four years earlier.

Posted by mark @ 09:16 AM (1296 views)
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2 thoughts on “Yes the market will boom…ha ha ha

  • Many mortgage lenders have their own choice of a large surveyor company and won’t accept any other RICS surveyor. And surprise, surprise
    they charge a massive mark-up on surveys to the customer just to have they survey printed on their own headed paper.

    e.g. a home buyer report done by an independent RICS surveyor will cost you £350-400. Done by the lenders surveyor company, it will set you back £700-800.

    Total scam, and it’s time regulation was put in place to break up this monopoly. It also makes a mockery of RICS IMO.

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  • Of course the lenders are just coming to terms with the funding gap they are about to face head-on. The sob story of the remortgaging couple is at best irrelevant. Their financial circumstances could well have changed significantly in the last four years meaning they are now a much higher lending risk than before.

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