Lenders make it much harder

Want to raise a mortgage in these dark financial days? Bank vaults are still full of money and most sound keen to lend it.

Apparently what needs to change in this global credit crunch is you _ and your attitude to becoming a mortgagor.

While you're watching house prices fall and thinking "location, location, location", you should adopt a second mantra: "information, information, information".

Lenders, who even six months ago were behaving like everybody's favourite uncle, are today narkier in their demand for information.

They will want to know a lot about the sustainability of your earning power, weekly costs, credit history, and past attitude to paying bills and meeting financial commitments.

To read the full NZ Herald story, click here

By NZ Herald, 2 November 2008

Posted: 2 Nov 2008

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