Shared ownership could increase chances of mortgage approval

02-Jul-2010

Shared ownership may be a way to avoid poor mortgage approval rates predicted by one expert over the coming year.

Timothy Lambert, head of consulting at property investment consultancy Ducalian, expects the number of home loans granted in the near future to remain static or maybe even fall.

Economic uncertainty and rising unemployment were two major factors mentioned by the housing expert, both of which could be mitigated by entering into a shared ownership to minimise risk and the amount individuals need to raise for a deposit.

Bank of England statistics show the 49,815 mortgages accepted in May were slightly fewer than the number in April and fell short of the previous six-month average of 51,856.

The market expert said the rate of loan approvals was high for the start of the year and it was "unsurprising" that the forecast should drop or remain static during the remainder of 2010.

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