New rules on property valuation could make mortgage lenders more cautious, according to one expert.
Helen Adams, managing director of FirstRungNow, explained that new standards to be introduced by the Council of Mortgage Lenders (CML) on September 1st will have a negative impact on those looking to get a mortgage .
She said: "We will see lenders be more cautious with their lending so it will make the process all the more drawn-out and complicated in terms of valuing the property and how they decide whether to lend."
The CML regulations will mean that builders and developers will have to complete a disclosure of incentives form.
According to the body, the changes will help ensure that the conveyancing and valuation process captures "the true value of the property".
Recently, the CML reported that in June the average first time buyer borrowed 3.33 times their income when taking out a loan, down slightly from 3.35 in May.
Property valuation rules will make mortgage lenders cautious, expert claims
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Property valuation rules will make mortgage lenders cautious, expert claims
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