Or is your Home worthy of the loan?
It seems that Mark Carney, Governor of the Bank of England
is keen to correct some mistakes of the past. His proposed cap on home loans
may mean that you will undergo strict affordability checks before approval is
given.
But whilst the BBC strongly debates the current status of
the UK property market (bbc), Dawson
& Associates asks a more pressing question.
Not, Can You Afford Your Home Loan? But rather, Is You Home
Worthy of Your Loan?
Whilst many people are now fighting to make the most of
the widely talked about “housing bubble”, the BBC reports that it could be a
dangerous situation to get yourself into if unprepared. We agree that impulse
property purchases that are encouraged by a fast-moving market carry a high
level of risk.
Campbell Robb, Chief Executive of Shelter states that it
is the government not the individual investor who is at fault in the current
circumstance.
“Successive governments have failed to build the number of
homes we need and now we’re reaching boiling point,” says Robb. He explains
that the housing shortfall is what is pushing up the house prices. Therefore,
buyers have no choice but to stretch their budgets and act extremely quickly if
they are to secure a suitable home or a desired investment.
This pressure of a quick purchase is what often leads to key
steps being overlooked in the property purchase process. Dawson &Associates believes that whatever the market, the basic rules remain. Whether
you are given a big or a small loan, a government-backed helping-hand or if you
just spot an opportunity in a growing market, THE FIRST THING TO DO IS CAREFULLY CONSIDER THE PROPERTY ITSELF!
Dawson and Associates provides accurate, informative
reports that are easy to understand and clearly outline whether the potential
investment is in a good condition and is legally sound. We can assist you in
making the right decision BEFORE IT IS TOO LATE!
Please call us at any time for free initial advice.
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