Mortgage availability 'may fall with new valuation rules'

FirstRungNow has asserted that buyers may find it more difficult to get a mortgage when new valuation rules come into effect.

The Council of Mortgage Lenders revealed in June that new processes would be introduced to ensure that conveyancing and valuation processes capture the true value of a property.

Set to be introduced on September 1st, the new process was described by Helen Adams of FirstRungNow as potentially a good thing for the housing market.

In news that may interest people looking to get a mortgage or remortgage deal, Ms Adams said that the forthcoming system could improve the transparency of house prices.

However, getting a mortgage or remortgage deal may become difficult for first-time buyers after September 1st, she said.

"It's good for first-time buyers in that there will be transparency and it will be good for the lenders, but on the other hand, they might find it harder to get a mortgage as big as they want it to be," she pointed out.

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