My daughter just recently had her first home purchase ever and it was more difficult than what she previously imagined. Of course, that was because she did not have prior experience in buying a home. I can assure you that things will get easier as time goes by.
With total mortgage approval rates in the United Kingdom reaching 115,107 for February 2017, more people are realising more than ever the benefits of owning an actual home as opposed to renting like what my daughter did before. But it has to be remembered that not all cities have a mortgage approval-friendly real estate climate. Here are a few of the best areas for mortgage approval rates in UK:
Formerly a city known for its coal industry, Yorkshire entered the new millennium with a forward-thinking plan. As a result, the real estate industry is booming in this city. The Rotherham area of Yorkshire, in particular, is getting the most property attention due to the various entertainment facilities and features being built in the area. This has resulted in a better mortgage approval climate for incoming property owners.
Call me old-fashioned, but there is something calming about the thought of living in a town with castles in it. Rochester succeeds in this sense. This small historic city is found just a few miles from London and is famous for the eponymous castle that dominates its skyline. The very thing that makes Rochester an ideal place for getting a mortgage is because of its small population despite the huge demand for the properties in the area.
For such a big city you would expect Liverpool to have high real estate prices. Surprisingly, that is not the case. In fact, despite a sharp increase in the cost of properties in recent years, Liverpool remains an affordable city to buy a house. The demand from the huge student population also helps in making the city mortgage-friendly.
Despite the many modern buildings in the midst of the city, Cornwall still evokes a Georgian feel. Potential home buyers may enjoy choosing homes in the area due to low house prices though it is expected that there will be a real estate boom in the coming years.
Manchester was named the best place to invest in property recently and part of this is the high level of mortgage approval in the city. Manchester’s attractiveness in the perspective of mortgage lenders stems from the sizeable rental sector and the high number of millennials that are willing to rent a room, which can help in paying mortgage bills.
While these places are great areas to have your mortgage approved, whether your mortgage application will succeed will ultimately be because of the content of the documents that you will be submitting. A bad mortgage application (bad credit score, bad credit history, etc.) will fail to receive an approval whether it is in London, Cardiff or a small town in the Scottish-English border.Tags: best places to get a mortgage, buying a house, where to get a mortgage