International Law

That?s the message from Paul Matthews, of PMK Mortgages, in Shrewsbury, who said the timing could not be better for people trying to take their first step on the housing ladder.

?There are continuous rumours that it?s impossible to get a mortgage and that banks don?t want to lend, but that?s just not the case. The truth is that there are over 90 lenders currently offering mortgages in the UK, and they will only survive if they lend money. So they?re out there, they want to lend money, but they?re just looking for more security from potential buyers.

?In general, they?ll be looking for a clear credit history, with no county court judgements, or missed or late payments. You?ll also need to have at least a ten per cent deposit available, as there are currently no mortgages at above 90 per cent. And ideally, you should have at least six months continuous employment in your current job, and a 12-month employment history.

?The lender will want evidence too that you can afford the repayments over and above your existing financial commitments.?

But Paul said all was not lost if potential buyers were on a restricted budget as other options such as shared equity or shared ownership schemes could be appropriate.

PMK Mortgages (www.pmkmortgages.co.uk) offers independent mortgage advice for a wide range of clients across the county and beyond.