Lenders are failing borrowers in difficulty

It appears lenders are falling short on their duty to offer their borrowers assistance in these uncertain times. Over 75% of borrowers were offered help by their lender when they were struggling with making the monthly mortgage repayments, leaving 25% being refused help. If you are struggling to meet the payments then your first port of call is to the lender. There are a number of options available to you to avoid missing payments such as switching to another deal, moving to interest only instead of repayment and also taking a payment break.

Although the bank of England base rate is not expected to raise in the near future, there is still uncertainty with borrowers as to what they can do. Please get in contact with one of our advisers today to see what options you have available.

House prices at lowest since 2003

With the decrease in property values throughout the country this has led to houses being down to their most affordable since 2003. This does not necessarily mean that people can actually buy the houses given the deposits needed to access the various different mortgages available. The general opinion is that you NEED 25% deposit - well you do if you want the best rates, however the true figure is 10% deposit, and even 5% in some cases. With the government also introducing schemes to assist first time buyers to purchase new build properties there are a number of options available. If you think you cannot afford to buy and are wondering what you need to do, how much you need to earn, what deposit you need, what income is acceptable then please get in touch with an adviser & they will be able to answer all these questions. More information is also available on our website http://www.comparethemortgagemarket.com

90% LTV with no arrangement fee and cashback

On Monday (8th August) Natwest launched a 90% loan to value mortgage with no arrangement fees and £250 cashback. For more information about the rate and deal please get in touch.

July remains a flat month for sales

With so much bad press and general uncertainty people are still unwilling to put their houses on the market and are deciding to stay as they are until something improves. July was a flat month again for sales and new instructions throughout the estate agency industry and the feeling is that it may continue for the next few months.