Mortgage is Bad or Good…?
Article by London Property
Over the summer months there was a clear increase in fixed rate mortgages, many borrowers choose the reassurance of future certainty in this market climate.
Homeowners may be losing out because of the huge drop in their property’s value but the falling prices are finally starting to attract buyers. With the overseas market weakened and demand and supply more closely aligned, the value of luxury properties has also fallen.
A recently published report by the Royal Institution of Chartered Surveyors shows that the number of househunters has risen for the first time in two years. Additionally, there is a larger number than ever of competing mortgage products on the market, a massive 204 more than in August 2009
The scales have now balanced with a pretty even take up of new tracker and fixed-rate mortgages.
Increased regulation from the Financial Services Authority (FSA) will make finance less accessible for some borrowers.
Experienced real estate companies are skilled at match making borrowers with lenders, and to ensure the timings are right for accessing mortgage finance plus making sure it comes at the right cost. The FSA will shortly be producing a review into the mortgage industry, with industry feedback delivered by November 2010.
On the plus side, as a consequence many lenders are seeking quality borrowers and have some surprisingly attractive terms on offer. However, it can be a challenge to match up the right lender with their ideal borrower and at this point it’s vital to get some reliable, qualified advice.
It’s For sure now the mortgage market is opened up to provide interest-only and self-certified mortgages options for more people such as first time buyers, contract workers and the self employed, otherwise many will be harshly affected by the proposed regulations if they are put in place and also for the one sell property to buy another.
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