Buy to Let Investors........

The difficulty new borrowers are having in finding mortgage funding for house purchases has driven up demand for private rental accommodation. It is therefore an ideal time for investors to enter the Buy To Let market which we would gladly assist in finding the finance for these deals.

Amongst the usual 25% deposit requirement there are a few lenders that will allow smaller deposits with as little as 15% although these lenders require more in depth underwriting. If you would like to discuss anything then please do not hesitate to call on 0208 1231337.

Base rate stays at 0.5%

The last change in bank rate was a reduction of from 1.0% to 0.5% on 5 March 2009. The general consensus from the market is that an interest rate rise will not occur until at least 2012. For people with a mortgage at the moment there has not been a better time to overpay and reduce the remaining debt whilst paying these low variable & tracker rates.
There are still a number of highly competitive deals available and will continue to be so for the foreseeable future with regard to the bank base rate. If you would like to discuss any potential new deals then please call us on 0208 1231337 or email on enquiry@comparethemortgagemarket.com

Average house price index slight decrease

The average prices in quarter 2 of this year were down in comparison to last year in all regions except London by about 1.1%. Throughout June the market remained stable and with the low level of mortgage applications made & new borrowers coming forward this is set to remain. This is not bad news though as the economy itself is growing for the better. Employment has been steadily increasing and consumer confidence increased also but that could have been down to the warm weather and extra bank holidays, rather than signalling the arrival of any recovery-related feel good factor. Please check out that latest mortgage deals at http://www.comparethemortgagemarket.com/ or call us on 02081231337.

Average First Time Buyer age set to be 41 by 2025

During the 1980s the average age of people buying their first house was 29 years old. With latest figures showing that by 2025 the average could be up to 41 years old & with mortgage terms generally being over 25 years, the reality of paying your mortgage off prior to retirement looks rather bleak.
In the UK we are seeing the average age for all our ‘life experiences’ increasing such as marriage, children and house purchases. At present we are looking at average marriage figures of 32 years old for men and 30 for women which is set to increase to 35 for men and 34 for women by 2025.
Along with not being ready to settle down, high costs is the most common reason for people holding back on starting these life events. 14 million of us have said that we simply cannot afford to make these life changes at present.
If we look to the first time buyer we see 47% saying they cannot afford to purchase a house on their salary with 46% saying they cannot obtain a big enough deposit. Much of the belief of the potential borrower is clouded by the continuing reports on TV and speculation that mortgages are just not available, and is often not true. If you would like to discuss anything regarding house purchases, remortgaging particularly first time buyers and your options then please get in touch.

please check out www.comparethemortgagemarket.com