It’s been a tricky few years for anyone wanting a mortgage. Since the financial crisis of 2008, banks and building societies have clamped down tight and made borrowing difficult for everybody, especially first time buyers. But I’m pleased to be able to report that there appears to be some light at the end of the tunnel.
Why have things improved?
The main factor is the Government’s Funding for Lending scheme which has flooded the market with cheap cash and enabled banks and building societies to cut rates. Additionally estate agents are reporting that there has been a recent increase in buyers and sellers, with people now choosing not to wait and see if the market improves, but to make their move now.
Now is a great time for everyone to be considering their mortgage options
1) I am a first time buyer – then you should find it easier to get a mortgage and with a smaller deposit. Government initiatives and special lender schemes have meant that mortgages are becoming easier to come by and rates are falling.
2) I have an existing mortgage but I think I’m paying over the odds – if you haven’t made any changes to your mortgage in the last 5 years then you may find you are eligible for a much more competitive deal, especially if you have a large deposit. Re-mortgaging could enable you cut your monthly mortgage payments by a considerable amount and in real terms, it’s just a bit of paperwork that we help with.
3) I’m thinking about selling or buying a new home – then now does hint at being a good time. Spring is traditionally the classic time for properties to come onto the market and with competitive long term fixed rates available, and lenders more willing to lend, then you might be able to secure yourself a competitive long term deal and find a higher level of interest (and price) in your existing property.
Haven’t time to search out the best deal? Then get some advice……..
There is no better time to seek advice from an expert, call my team on 01273 736536 to see what we can do for you. We offer impartial, obligation-free and straightforward advice, as and when you need it.