Some (rare!) good news.
Thu 06 Nov 2008
The Bank of England has today announced that it has reduced their base rate to 3% - its lowest rate since the 1950s. Already a number of banks have confirmed that they are passing on the rate cut in its entirety which will dramatically improve sentiment in the market. If you havent looked for a mortgage recently, I think youd be surprised at the rates that are on offer.
Contrary to popular belief, mortgages have been and are still available and, with over 3,500 different products to choose from, it is just not quite as easy as a year ago when there were over 20,000 products available. In my view this was abnormal and caused confusion for the consumer. Our understanding is that, providing you have a good credit history and a deposit of between 10-15%, finding a mortgage is a fairly straightforward process.
It is now common knowledge that London property is ahead of the curve and has dropped faster than other property markets, in some instances by 20-25%. It is our view that buyers will enter the market in some force in January next year ready for the spring market, however there are an increasing number of savvy buyers, with finance arranged, seeing great value in the market right now, before Christmas.
We work with a number of mortgage brokers that we know will give you the very best service. If you would like to discuss your mortgage requirements with a professional broker then do fill in our online form and we will do the rest.