(PRWEB) June 28, 2014
The British Bankers’ Association (BBA) revealed that mortgage approvals slid from 70,294 last April to 65,132 on May. BBA added that the May figures are 10,685 less than the six-month average approvals of 75,817, reported ibtimes.co.uk on 24 June 2014.
In response to this property news, Rick Otton, a respected property coach and best-selling author, reminds UK residents that the slide in mortgage approvals is not the dead end of their aspirations to own a home or become a property investor.
“There are three versions of this property news depending on who you listen to. Lenders, on the one hand, are pointing their fingers on the government for the dip of mortgage approvals, because of the introduction of the Mortgage Market Review (MMR). On the other hand, the Financial Conduct Authority (FCA) implemented these stringent affordability tests to monitor and curb risky mortgage lending practices. Meanwhile, buyers around the country are feeling that they are getting the short end of the stick since they're left to deal with a tough process to get the financing they need,” commented Mr. Otton.
“But as the old saying goes, 'When a door closes, a window opens.' Now that the traditional process of buying and selling houses has become tougher to penetrate, people should be more open to try out alternative routes to property ownership. There are infinite ways to solve your property problems. All you need is a little bit of passion and creativity to succeed in these unorthodox solutions,” he continued.
Mr. Otton then discussed in an interview for RickOtton.co.uk that seller finance strategies are the solutions that homebuyers need to keep on buying property for sale without being dependent on new mortgages.
“Unlike the traditional process, in a seller-finance agreement, a buyer can simply assume the existing loan from the seller rather than take out a new bank loan. In that way, a seller can immediately move away from unwanted debt. And for the remaining equity, a buyer may be allowed to pay the seller in increments depending on the agreement with the seller. This helps the buyer minimise upfront payment usually associated with the 10%-20% deposit required in a typical home loan,” Mr. Otton said.
Visit http://www.rickotton.co.uk/ today to get more information about creative seller finance strategies and how these strategies can be applied in changing market conditions.
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.