With continued upward pressure on interest rates, it is very important for serious buyers to continue to liaise closely with their finance provider.

There has been an increasing number of contracts 'falling over' due to finance issues, most commonly, because the buyer is not able to access the amount needed to secure the deal.

With the supply of cash tightening and consumer confidence falling, funding may be more difficult to obtain from banks and other financial institutions.

What you may have been able to borrow six months ago, when you first thought of purchasing, might not be available to you today.

To avoid unnecessary disappointment and stress, we suggest you get an update on your current borrowing capacity this week.

By knowing exactly how much you can borrow prior to negotiating a real estate deal, you will place yourself in a stronger and more secure position.

Financial institutions have recently toughened their lending criteria in response to a tightening of worldwide credit markets.

Buyers must therefore seek an update to protect themselves from potential over-commitment and risk of possible default on unconditional contracts.

Changes in interest rates can have a massive impact on family budgets, and with the continued threat of a further rise, borrowers should seek professional advice from their lender before moving forward.

None of the above should be be overly difficult or time-consuming, and under normal circumstances should not prevent buyers from securing their new home.

Now is an excellent time for all buyers to take advantage of favourable market conditions; just do your homework first.