Results of a survey released by MyHome.ie this week revealed that two out of three first-time buyers say they plan to buy a property in the next year. However one thing that might scupper some purchases for these potential buyers is a lack of mortgage approval. Of those wanting to buy only 36% have received mortgage approval but haven’t purchased a property yet while 39% are actively seeking a mortgage.
There is no doubt that it is now more difficult to get a mortgage but with more first-timers now wanting to buy will the banks play ball? Have the Banks retreated too far back into their shells to restock their balance sheets to clean up after the years of excess? Are they hoarding reserves and not lending to those who now can afford to buy in the current market?
Have your say: Mortgages
- Is it easy to get a mortgage in 2010?
- Or are the Banks hoarding reserves?