Mortgage difficulties may make flats to rent more attractive
More people could be encouraged to consider flats to rent in the London borough of Lambeth when they hear the comments of one expert regarding mortgage availability in the UK.
Ray Boulger, senior technical manager at independent mortgage adviser John Charcol, said before the financial downturn in the UK, lenders "fell over themselves" to meet targets, meaning it was easy for people to get the funding for a new home.
However, Brits hoping to get on the property ladder are now faced with the opposite situation as "borrowers are being rejected at record rates", he explained.
While many do not qualify for money, others are unable to secure the required loan-to-value mortgages.
Mr Boulger added the "mortgage market has changed radically and is unlikely to ever return to what we knew before the summer of 2007".
Earlier this month, the Home Builders Federation revealed fewer people are currently buying their first house than at any point over the past 35 years.
Published 13th August, 2010
© 2010 Estates IT Limited
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With many people struggling to get mortgages, renting could become a more attractive option for Brits.