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The Bank of England (BoE) have warned that in future getting a mortgage might be tougher than you think.

The BoE stated that tightened qualifications, set by a wide range of lenders, could see the credit rating of expectant borrowers fall beneath the banks’ accepted level for mortgages.

The Credit Conditions Survey, published quarterly, found that UK mortgage lending has shown signs of improvement in early 2012 but residential property buyers face a tough three months until summer.

 Most lenders expect the upward pressure on mortgage interest rates to be maintained and anticipate reducing the availability of mortgages in the next three months.

With little prospect of a material loosening in credit conditions on the cards, and housing market demand likely to remain weak, the downwards pressure on house prices is set to be maintained this year. 

Would be mortgage borrowers need to be prepared for the stricter criteria being demanded by mainstream lenders, meaning more difficulty in securing a mortgage.

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Energy Performance Certificate

35% of UK Landlords don't know the energy rating of their rental properties

According to research conducted by the Association of Residential Letting Agents (ARLA), 17% of UK landlords reckon their rental properties would fail Energy Performance Certification (EPC).

Under the Government’s Green Deal proposals Landlords who own rental properties that fall into the lowest two categories of energy efficiency could be banned from the private rental market.

From 2018, properties with F and G EPC ratings will not be allowed to be let.

35% of UK landlords don’t even know their rental properties EPC rating .

ARLA has called for the UK Government to help landlords to achieve minimum energy efficiency standards, asking for the Landlords Energy Savings Allowance to be extended and for the Government to offer tax relief to landlords for the improvement of PRS rental properties, claiming that it is going to be exceedingly difficult for the majority of UK landlords to find the funds to improve their rental properties.

While the Green Deal will offer landlords upfront access to funds, it is tenants, as users of the properties, who will have to repay the loan.

Legal 4 Landlords have always been on the side of landlords and now offer a wide range of services for UK landlords including Energy Performance Certification (EPC’s)


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