More people may look for flats to rent in London now that obtaining a morgage is more complicated
Those seeking a home in England's capital city may be tempted to look at flats to rent in London, as one expert has suggested that obtaining a mortgage is more complex at the moment.
Andy Pratt, chief operating officer at Alexander Hall, said that the reason a recent unbiased.co.uk survey found that more people were searching for home loan advice was because the market is currently quite complicated.
With fewer lenders currently supplying house purchase products, it may seem easier for potential homebuyers to choose which deal is right for them, but borrowers may find it more difficult to have their application approved, the expert noted.
"It is not just the criteria that is stated publicly, but the devil that is in the detail in the sense of credit history and lenders being quite strict on the criteria," he explained.
Unbiased.co.uk reported that it had received 45,000 enquiries regarding home loans in the first six months of 2010, compared with 36,000 in the same period last year.
Posted by Martyn Glynn
Published 27th July, 2010
© 2010 Estates IT Limited
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Some people hoping to live in England's capital city may be interested in looking at flats to rent in London, as obtaining a mortgage is becoming more complicated, one expert has said.