(PRWEB) March 07, 2014
The Council of Mortgage Lenders (CML) issued a warning that securing new mortgages may become increasingly tougher as the Mortgage Market Review will start to take effect on April 26, (Zoopla.co.uk reported on 4 March 2014).
CML produced a list of 5 industry changes to watch out for which includes but is not limited to, longer waiting times to obtain new mortgages, providing more details about income and expenditure, and new lending rules.
“Based on recent news, mortgage approvals started continually rising because banks have started loosening the restrictions on lending, but it seems that this short grace period for home buyers will be cut short once these industry changes start to kick in,” according to Rick Otton, a highly sought after property coach in the U.K.
“If the changes are implemented as scheduled, many home buyers around the country will be locked out of the property ladder again, since a lot of U.K. residents depend on mortgages in order to buy houses for sale,” he recalled.
Mr. Otton then shared to U.K. residents in his latest interview for his upcoming 3-day Zero Debt Property Cashflow Bootcamp that lack of new mortgages shouldn’t deter U.K. residents from becoming full-fledged home owners.
“Believe it or not, the saying ‘when one door closes, another door opens’ even applies to buying and selling properties. Now that the traditional process is closing in on cash-strapped home buyers, the creative way to buy and sell houses gives U.K. residents an alternative route to home ownership,” Mr. Otton shared.
“The creative way simply means letting the buyer and seller reach a deal where: buyers purchase the property for sale at the price the seller wants, while sellers, in exchange, give the buyers some flexibility on the period and modes of payment they can use to complete the purchase price,” he explained.
If you want to successfully build your property portfolio without the hassle of taking out new mortgages , join Rick Otton in his 3- day Zero Debt Property Cashflow Bootcamp on 21st to 23rd March 2014. Sign up now at http://rickotton.co.uk/conference/.
About Rick Otton
Rick Otton is a property investment professional who, over the last 23 years, has introduced innovative real estate strategies to the UK, Australian and the United States. His creative ‘low-risk, high-reward’ approach to buying and selling houses is exemplified in his own business, We Buy Houses.
This year marks the 10 year anniversary of Mr Otton introducing his strategies to the UK, and the 5 year anniversary of his innovative ‘Buy A House For A Pound’ process – one that attempted to be emulated by others. His constant process of strategy refinement, and adapting to the ever-changing real estate market, continues to place him at the forefront of property investment education.
In 2012 Rick Otton published his Australian book ‘How To Buy A House For A Dollar’ which was named in the list of Top 10 Most Popular Finance Titles for 2013. A UK version is on the drawing board for publication in 2014.
Mr Otton freely shares insights into his non-bank-loan strategies that have allowed everyday UK men and women to beat the rental cycle and have their own homes. He coaches others on how to build profitable businesses by facilitating transactions that focus on the needs of potential buyers and motivated sellers.
Access his free downloadable Power Property Profits Pack at RickOtton.co.uk, as are the details of early bird pricing for his next UK 3-day real estate training conference in March 2014. Phone enquiries in the UK are welcome on 0207 000 1027.