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Stuart Gregory: Time to take back control

Putting future plans in the hands of politicians’ decisions is never a good thing.

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I do not buy this idea of the property market stalling because of the election. The big vote winner put forward by the Coalition in the form of stamp duty reform has already been played, with enough time for savvy property owners to make plans for the spring.

What I hope has happened is that the public has learned from this Coalition that life is for living and putting your future plans in the hands of decisions made by Cameron, Miliband or Clegg is never a good thing.

This year property owners and mortgage borrowers must take control of their own situation. We have got the lowest fixed rates in living memory and yet the remortgage market lies idle.

What can be done to address this apathy? Communication as always is key.  Borrowers need to be made aware achieving a mortgage is not always the big unsurmountable problem it is painted to be.

The biggest issue, however, remains transitional arrangements for existing borrowers. Lenders need to show some loyalty to those borrowers they happily lent funds to in previous years.

I am not advocating a return to the level of lending seen prior to the credit crunch, merely a return to common sense lending.

Imagine how the market would improve if a few lenders decided to take an applicant’s existing rental payments in consideration when deciding whether to offer them a mortgage? What better way could there be to prove affordability?  Step up lenders; it is your time.

Stuart Gregory is managing director of Lentune Mortgage Consultancy

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