Getting a Mortgage Is Now Easier, Estate Agents Newham

Getting a Mortgage Is Now Easier

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Homebuyers will be happy to learn that getting a mortgage is now easier as the mortgage affordability rules have been relaxed. Our estate agents in Newham know that many property buyers have been struggling to find a home and a mortgage that will fit their budgets and welcome this decision of the Bank of England. The decision to relax mortgage affordability rules should now make it easier especially for first-time buyers to access the property ladder.

Here are the key points to know about the updated mortgage affordability rules:

  • The mortgage affordability guidelines were first introduced in 2014 to protect the banks from re-living the 2008 crisis.
  • The Bank of England has decided to relax the rules applicable to mortgage lending starting August 1.
  • Our estate agents in Newham consider this decision beneficial especially for first-time buyers and homeowners who have a mortgage that covers a high percentage of their income.
  • Until now, the average buyer was able to take out a mortgage worth about five times their income if their stress test rate was 6.6% and four times their income if the stress test rate was 9.5%. This caused many to be priced out of buying a home.
  • As of August 1, buyers will no longer have to show they can afford to cover the repayments if the mortgage interest rate increases by 3%.
  • According to our experienced estate agents in Newham, current house prices and rising mortgage rates are making it very challenging to access the property ladder. Therefore, the Bank of England’s decision comes at the right time for many buyers.
  • The Bank of England made this decision because keeping this rule in place would make it virtually impossible for many people to take a home loan.

If you are a first-time buyer or a property investor, our estate agents in Newham are the partner you need to find the ideal home and close a successful deal in the shortest time. Contact us to today at 0207 055 0441 or info@realestateagentslondon.co.uk.   

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What Our Customer's Say

Alvaro Caiza
Alvaro Caiza
2024-02-02
Excellent service. Rizwan helped me immensely to make my purchase and he was always there making sure that the process went smoothly. Highly recommended agency.
irina irina
irina irina
2024-02-01
The most professional agent you can ever find. I dealt with Rizwan. He was on my case day and night! He was doing everything possible to help to progress quickly the sale of the apartment. I strongly recommend him and the company!
isabel pan
isabel pan
2024-01-29
租客只提前了15天告诉我们要搬到其他国家去,我们就马上通过朋友找到Remax房产公司, Adil非常迅速地约我看了房子,帮我指出需要重新装修的地方,安排维修部门报价,装修。不到一个月就帮我找到租客。 非常满意他们的服务。
pei jin
pei jin
2024-01-29
I used to manage my property by myself. However, it's a bit painful to chase rent from tenants and handle maintenance issues. Since my tenants moved out recently, I thought I would use an agent to manage my property. I compared quite a few letting agents and finally chose Remax. My first thought is that their management fee is lower than most agents. One of my friends also uses this agent and they recommended me Adil from the Canning Town branch. Adil is excellent. His professionalism makes me confident and he does not let me down. He rented out my property quickly with good tenants. Remax has its own dedicated maintenance team and Khalid give me lots of good suggestions. I recommend Remax as a full management agent.
asad ali
asad ali
2024-01-18
Dealt with Masood Qaiser from Real Estate Agents London, he was very helpful and provided a very professional and diligent service.
Azhar UL Hassan
Azhar UL Hassan
2024-01-14
When I handed over my property management to Real Estate Agents London, I wasn't just looking for help, I was hoping for peace of mind. Their proactiveness, from clear tenant communication to prompt maintenance handling, has been fantastic. They know their stuff inside and out, making the whole process seamless and stress-free. If you're looking for top-notch property management, Real Estate Agents London is the only name you need.
Muhammad Sarwar
Muhammad Sarwar
2024-01-14
As a busy professional, juggling property management wasn't exactly my idea of a good time. That's when I found Real Estate Agents London. From the first meeting, I knew they were different. Their dedication, expertise, and personalized approach were exactly what I needed. They take care of my property like it's their own, and that's a level of service you just don't find everywhere. Highly recommended!
Toufique Miah
Toufique Miah
2024-01-11
honestly this is soo bad left me waiting no calls nothing agent confirmed viewing did not confirm address nothing, called and spoke to someone said will let me know but not heard anything
wang dehui
wang dehui
2024-01-09
I am the landlord, has been with Remax for over 3 years. My property is located in Newham council. It was always great experience ever since then. My ex agent Iulian was amazing, but he left the company unfortunately. Right now the letting manager Adil and Khalid are helping to managing my property. Again they are fast and effective, very professional. Definitely recommend Remax for the landlord who is looking for the reliable agent. 值得信任的房屋中介👍
Jian Huang
Jian Huang
2024-01-09
I am impressived that Iulian Gherasim who has been always tried his best to do the service towards finding the right tenants for us in short period, reply back straight away whenever I have a question ect. I have recommended him and the agent to my friend in March,Mr Gherasim has found her the right tenants within a week time. And she is happy with the service too. I will recommend REMAX to whoever I know needs help through the rent.

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