Is the Mortgage Situation Tragic Yet?

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Today Bbc company News published an attractive narrative about the seemingly tragic situation for mortgage lenders in Uk. The figures shown indicate that while the last decade amount of first time mortgage applications were steadily decreasing from a whopping 90 000 in January 2003 to just over 10 000 in January 2011.

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Quite frankly, if the data shown is exact (and you would expect facts published by Bbc to be very accurate) it means that the British economy is still far from rescue and while the above numbers only include first time applications, the store as a whole does not look much best at all. According to the article, the total amount of mortgage loans in January this year fell to just over 28 thousand which is 12% less than while the corresponding period year before.

We're told that reputation crunch is over and economy is turning for best again but is it absolutely the case? The sheer amount of stylish loans clearly indicate two inherent trends which are taking place right now: it's whether lower amount of applications being submitted due to uncertainty of job store or an increasingly selective approval process employed by the banks. Or both.

It seems to me that 25 year long financial commitment scares inherent buyers off quite a lot right now. Lenders have no mercy over late payments and renting professionals plainly opt for remaining tenants until the situation clarifies and it's safe to apply for mortgage without the hope of being presented with a P45 due to 'organisational restructuring'. This may, however, work in the buyers favor in the long term.

While the application process in understandably exact now because of the past high amount of sub-prime mortgages which, apparently, caused the reputation crunch to begin with - there are some signs of things getting better.

Even now, as Bbc reports, the typical introductory deposit has dropped from 25% to only 20% which in terms of real money means that mortgages have come to be less expensive for the applicants in the introductory period. Time will show whether this move will save mortgage brokers from going bust, but if you ask me, preferential rates for first time buyers and reducing costs connected with Pmi private Mortgage assurance would be very welcome. This would absolutely eat a lot into lenders' profit margins but if the trend carries on there will be no profits for them to begin with.

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