10:05 09 May 2013
The banking industry may be overhauling some of their mortgage lending practices as the demand for interest-only mortgages declines. There are many other ways the banking industry can remain strong and provide a variety of mortgage options to their customers as well.
Here are some of the alternatives to interest-only mortgages that the banking industry is able to offer:
Before any mortgage decision it will always put the odds in your favour if you have built up substantial savings. Not only will the banking industry see it as commitment to the purchase, but it also could act as a down payment towards a property.
This may enable you to negotiate favourable deals within the banking industry, and if you compare among multiple institutions you may find out you are able to receive a significantly better deal than you first imagined.
Approaching the banking industry with savings and a good credit rating is a sure path to obtaining a mortgage.
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