So, we’re told the economy’s on the up and the recession will be over by Christmas (sounds painfully familiar) and then everything can go back to normal, right? Well lets hope not for all our sake.

Do we really want banks and mortgage lenders giving out loans that cover the entire market value of a home and exceed annual income by as much as 5 times? In an ideal world, yes, but the UK (and global) economy cannot handle that kind of high-risk lending.

As a result of it; we all find ourselves with lower priced property and rising unemployment. But thankfully, one of the many QUANGO’s we’ve been hearing all about recently, the Financial Services Authority (FSA) have stepped up and accepted a lesson has been learnt.

It may be one of the taxpayers most expensive lessons on record but the FSA has set out plans to introduce affordability tests for borrowers and put a stop to mortgages without need for proof on income. This means the number of people wanting a quick house sale could rise as the number of mortgages given out may well drop and sellers could find it more tricky to find a buyer.

Tags: fast house sale, quick house sale, Sell And Rent Back, Sell My House, Sell My House Fast

This entry was posted on Tuesday, October 20th, 2009 at 10:05 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.