Who would have thought it? Certainly noone in the offices here would have. Do you remember those credit card companies who were so keen to throw money and endless supplies of plastic cards at you? Well now they want it all back! If you have then you’ll no doubt be aware that there’s no longer such a thing as a friendly loan. All those lenders that just a few years ago were so keen to throw funds at you now are insisting on conclusive proof that you have the means to pay them back. Some people are even finding that with a good credit rating, money in the bank and a healthy property they are having trouble getting a loan or credit card.
Is it the same for mortgages?
You betcha. Lenders are now nit picking at documentation and are even harder on appraisals with the chances of offering a 100% finance deal being less than slim. With the rise in rates it seems it is impossible or at best extremely hard to get a 100% equity loan any more. Worse still, should you decide to, with the possibility of falling house prices, borrowing against your ever shrinking equity isn’t the best thing to do. We saw all this in the 80’s and some people still...
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