Almost half applied for a mortgage in the UK fail

About 45% of those that planned to buy the property, since the new program of the British government a year ago, failed at the stage of obtaining the mortgage.

Most of the setback suffered by people in this stage a special test, called the Mortgage Market Review, which was implemented by the Bank of England a year ago to avoid risks of non-payment on loans.

In the minds of potential buyers in the UK real confusion about the possibility of getting a mortgage.

Many people just can not deal with your personal financial situation. They don’t even realize what size of loan they need and what ability to repay the loan they have.

Understanding of the new mortgage rules – the key to success.

First of all, in order to apply for a mortgage, it is necessary to have positive credit history.

The second stage is an understanding of how Deposit (down payment) you have. According to research conducted by Experian, 62% of people have a misconception about the size of the required Deposit, 23% believed that the amount of the Deposit should be much less. Many of the people interviewed had no idea what the monthly amount remains after the payment of all fees, others had no idea what the monthly payments on the loan they should make, others believed that they need to take less loan.

Wrong assessment of her financial situation may lead to the fact that in the case when a person will improve the financial situation, he still did not apply for a mortgage loan.

Those who understand the rules of the game are in a better situation, because sooner or later they will have the chance to become owners of their own house or apartment in England.

® Helen Entree. G. 02.06.2015

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