New rules make buying property 'impossible'
New rules for valuing properties could make it harder for first-time buyers to get a mortgage, according to research by FirstRungNow.
Helen Adams, managing director of the company, said that the rules, which come into effect on September 1st, will improve house price transparency.
However, they are expected to make it even more complex and difficult for first-time buyers to get onto the property ladder, with many sticking to renting in London.
Ms Adams said it was possible for first-time buyers to end up in negative equity if they are getting a mortgage which is more than or equal to the value of the property.
The Council of Mortgage Lenders (CML) announced in June 2008 that they were introducing new procedures to ensure that conveyancing and valuation processes were fair.
The CML also found that in August 2008, the average first-time buyer borrowed 3.33 times their income in June and the average home mover borrowed 2.94 times their income.
Published 13th August, 2008
© 2008 Estates IT Limited
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New rules for valuing properties could make it harder for first-time buyers to get a mortgage, according to research by FirstRungNow.