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Harder to get a mortgage with property valuation rules
14 August 2008
New rules for valuing properties could make it harder for first-time buyers to get the best mortgage deals, claims FirstRung.
The Council of Mortgage Lenders (CML) announced that it would introduce new procedures to ensure that properties are appropriately valued and this transparency is good for first-time buyers, according to FirstRung.
Helen Adams, managing director of FirstRungNow, said: "Anything that improves the transparency of house prices is good and it's always been the case that new-build properties have been highly priced with a premium."
However, despite the transparency, it might be harder for people to get the best mortgage deals as they will be more likely to get into negative equity, claimed Ms Adams.
"It's good for first-time buyers in that there will be transparency, but on the other hand, they might find it harder to get a mortgage as big as they want it to be," she added.
Research by the CML revealed that the average homebuyer put down a 22 per cent deposit in June 2008.
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