In our area more sales appear to be going through however prices seem to be well down from the peak. I think we are at a stage where more house owners are feeling the impact of the recession and have to sell. This will get the market moving again but a long way from a thaw.
As an estate agent the market is still very flat and very few people meet the criteria for a mortgage using multiples of income etc unless have a fairly hefty deposit .... This rules out most FTB unless they have the help of bank of mum and dad. There are fewer properties coming on to the maket so this will help to shift some properties already on he market due to supply and demand. Have a friend who is an excellent mortgage adviser ..... inbox if need his contact number.
interesting Webby, I guess we'll watch events unfold if there is a thawing. I understand a 95% mortgage exclusive from Foxtons estate agents is on its way if not already here.
interesting Webby, I guess we'll watch events unfold if there is a thawing. I understand a 95% mortgage exclusive from Foxtons estate agents is on its way if not already here.
They are available now Razil but with lendors obligated nowadays to prove affordability very few FTB earn a salary to raise a mortgage to buy even the cheapest of properties. Properties are cheaper here on the Isle of Wight but would need a salary of £35,000 per annum to afford the cheapest house, average wage is £22,000 ...... The only quick fix to this problem is if the government lend the deposit required and secure an interest in the property, thus as prices increase so does their stake and also gets the market moving thus creating jobs, VAT income on fees, stamp duty etc so will actually make money by investing. Despite how low mortgage rates are, even if the lendors paid you to have a mortgage, it helps very little if you physically cant get a mortgage.
Yes of course, I am merely hinting that mortgage lending is getting back to normal/sensible levels, I completely agree that it shouldn't go beyond a certain percentage and that checks be more stringent.
Interesting point you suggest, so deposit loan for ftbs (ratio seems to be 5 to 1 assuming affordability is good)?
interesting Webby, I guess we'll watch events unfold if there is a thawing. I understand a 95% mortgage exclusive from Foxtons estate agents is on its way if not already here.
They are available now Razil but with lendors obligated nowadays to prove affordability very few FTB earn a salary to raise a mortgage to buy even the cheapest of properties. Properties are cheaper here on the Isle of Wight but would need a salary of £35,000 per annum to afford the cheapest house, average wage is £22,000 ...... The only quick fix to this problem is if the government lend the deposit required and secure an interest in the property, thus as prices increase so does their stake and also gets the market moving thus creating jobs, VAT income on fees, stamp duty etc so will actually make money by investing. Despite how low mortgage rates are, even if the lendors paid you to have a mortgage, it helps very little if you physically cant get a mortgage.
Interestingly I sat with a mortgage broker recently to get an idea on whether I could do what I wanted to do for my new house.
If I had a 25% deposit I had pages and pages of options If I had 20% deposit I had 2 lenders, vastly higher rates and only 8 options to choose from
As much as the market might be thawing slightly - it's still difficult to get a decent rate without a stack of cash up front
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hoping to tease out the mortgage brokers on here.. cdnt find a/the thread on this
values seem to be about 10% down on the peak, in my area anyway
I just need to sell my house now - if anyone's interested.....
http://www.rightmove.co.uk/property-for-sale/property-21658968.html?premiumA=true
;o)
In that case ...... I don't blame him.
Now if he'd got the local council to rename his street, something like Chris Powell Avenue - it would have sold straight away.
Interesting point you suggest, so deposit loan for ftbs (ratio seems to be 5 to 1 assuming affordability is good)?
Sorry if I'm not up to scratch to post on here
If I had a 25% deposit I had pages and pages of options
If I had 20% deposit I had 2 lenders, vastly higher rates and only 8 options to choose from
As much as the market might be thawing slightly - it's still difficult to get a decent rate without a stack of cash up front
you do get better deals for more you put down, but still a fair number of deals out there for 90%