The Bank of England meet this Thursday as they do every month. But the economic climate is still blowing up storm. Bad credit mortgages crisis is still hanging heavily in the wind. There is so much talk about house prices and people struggling to make ends meet never mind the increase in mortgage payments when they come of those fixed rates.
Remortgages are big business in 2008 “What will be the deal i can get” you will hear people cry. Location – location – location will be replaced with remortgage -remortgage remortgage!
New mortgage approvals have dropped again to 83′000 down from 89,000 in October which was the lowest since the start of 2005. House prices finished anywhere between 5-8% up depending on who statistics you agree with.
Although the Bank of England cut rates last month they are widely expected to cut them again this month due to the housing market slow down and the increased cost in borrowing due to the money markets feeling the effects the credit crunch.
The big question every one will be obsessing over this year will be. “What should i do?” This largely depends on are you a first time buyer or looking to purchase your property with a 100% mortgage.
If your a first time buyer with a deposit or looking to secure your purchase with a 100% mortgage you will be no doubt keeping your finger crossed that house prices are www.clickngomortgages.co.uk/free-mortgage-tools.asp falling.
100% mortgage lenders haven’t all tightened there lending beyond today’s property prices. Birmingham Midshires is just one lender offering reasonable lending multiples to anyone with an average credit rating. 100% mortgage lender Northern Rocks door are still open, but there rates a fees are not market leading but they still have deals to suit certain circumstances.
First time buyers with a deposit still have many options available to them. They now have the vendors on the back foot. It’s a first time buyers market and they should be negotiating a really good deal. You can always increase your offer depending on how much you want the property. Developers looking to shift new properties will be offering incentives for first time buyers to attract them to the property market.
