{"id":2602,"date":"2015-06-03T10:05:21","date_gmt":"2015-06-03T10:05:21","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/10-week-wait-for-mortgage-valuations\/"},"modified":"2018-02-21T11:11:39","modified_gmt":"2018-02-21T11:11:39","slug":"10-week-wait-for-mortgage-valuations","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/10-week-wait-for-mortgage-valuations\/","title":{"rendered":"10-Week Wait For Mortgage Valuations"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<div><img loading=\"lazy\" src=\"http:\/\/www.arrowfs.co.uk\/uploads\/resource\/file\/52a112cd617272ffd2020000\/mortgage-keys.jpg\" alt=\"new mortgage rules\" width=\"450\" height=\"350\" align=\"none\" \/><\/div>\n<div>\n<div>\n<div><span style=\"font-size: small;\">Industry leaders have warned that mortgage approvals have dropped yet again for the third time in April. After its highest of 75,838 in January, the approvals have dropped to 62,918.<\/span><\/div>\n<div><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">The fall in approvals has shown it is a result of the new <a title=\"\" href=\"http:\/\/thelittlehousecompany.com\/property-blog\/185\/what_new_mortgage_rules_mean_for_you\" target=\"\">Mortgage Rules<\/a> that were implemented in April.\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">Richard Sexton, director of E.Surv <a class=\"wl-entity-page-link\" title=\"Chartered Surveyor\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/chartered-surveyor\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/chartered_surveyor;http:\/\/rdf.freebase.com\/ns\/m.02wz4ds;http:\/\/dbpedia.org\/resource\/Chartered_Surveyor\" >Chartered Surveyors<\/a> said: Borrowers must now prove that they can withstand potential interest rate rises up to 7%, as well as answering a host of detailed questions about future finances<\/span><\/div>\n<div><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">The new rules, introduced by the FCA (<a title=\"\" href=\"http:\/\/www.fca.org.uk\/news\/press-releases\/new-mortgage-rules-come-into-force\" target=\"\">Financial Conduct Authority<\/a>), were created to make sure that borrowers are issued <a class=\"wl-entity-page-link\" title=\"Mortgage\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/mortgage-loan\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/mortgage_loan;http:\/\/rdf.freebase.com\/ns\/m.0273t5w;http:\/\/dbpedia.org\/resource\/Mortgage_loan\" >mortgages<\/a> that they can afford.\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">Borrowers will now face in depth checks on their income and expenses to assess whether they can cope with the increase in interest <a class=\"wl-entity-page-link\" title=\"Rates (tax)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/rates-tax\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/rates_tax;http:\/\/rdf.freebase.com\/ns\/m.03hnzm;http:\/\/yago-knowledge.org\/resource\/Rates_(tax);http:\/\/dbpedia.org\/resource\/Rates_(tax)\" >rates<\/a>.\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">These rules apply to new buyers as well as those looking to remortgage.<\/span><\/div>\n<div><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">According to the <a class=\"wl-entity-page-link\" title=\"Land registration\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/land-registration\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/land_registration;http:\/\/rdf.freebase.com\/ns\/m.08xnz_;http:\/\/yago-knowledge.org\/resource\/Land_registration;http:\/\/dbpedia.org\/resource\/Land_registration\" >Land Registry<\/a>, the average <a class=\"wl-entity-page-link\" title=\"houses\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/house\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/house;http:\/\/rdf.freebase.com\/ns\/m.03jm5;http:\/\/dbpedia.org\/resource\/House\" >house<\/a> prices across England and Wales in April were 172,069, even with a monthly increase of 1.5% yet it is still lower than the peak of November 2007, which stood at 181,572.<\/span><\/div>\n<div><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: small;\">Nick Marr, spokesperson for The House Shop\u00a0says: The mortgage <a class=\"wl-entity-page-link\" title=\"Market (economics)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/market-economics\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/market_economics;http:\/\/dbpedia.org\/resource\/Market_(economics)\" >market<\/a> review was bound to slow mortgage approvals down whilst <a class=\"wl-entity-page-link\" title=\"Loan\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/loan\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/loan;http:\/\/rdf.freebase.com\/ns\/m.01dnzs;http:\/\/dbpedia.org\/resource\/Loan\" >lenders<\/a> got to grips with the new rules. I can see that mortgage brokers will become more important in the mortgage <a class=\"wl-entity-page-link\" title=\"Planning permission\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/planning-permission\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/planning_permission;http:\/\/rdf.freebase.com\/ns\/m.01zn89;http:\/\/dbpedia.org\/resource\/Planning_permission\" >approval<\/a> process and that the sector will grow with the new regulations.<\/span><\/div>\n<div><a href=\"https:\/\/plus.google.com\/115654041100964611788?rel=author\">Nick Marr<\/a><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Industry leaders have warned that mortgage approvals have dropped yet again for the third time in April. After its highest of 75,838 in January, the approvals have dropped to 62,918. \u00a0 \u00a0 The fall in approvals has shown it is<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/10-week-wait-for-mortgage-valuations\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[16],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/10-week_wait_for_mortgage_valuations","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/2602"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=2602"}],"version-history":[{"count":5,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/2602\/revisions"}],"predecessor-version":[{"id":15449,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/2602\/revisions\/15449"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=2602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=2602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=2602"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=2602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}