To borrow or not to borrow? That is the question.
Reading the papers and watching the news on the TV, it appears that mortgage lenders seem more concerned about retaining their cash for their own financial adequacy and not lending to customers. Headlines “credit crunch” and falling house prices and made people question whether the economy is heading for recession plus the availability of funds for mortgage lending drying up.
However, in truth lenders are still lending and the availability of money is not so restricted as the media have led us to believe. It’s really a question of lenders getting back to basics. In the recent past lenders have been more lax in their lending criteria and relied on securitisation, some of it through dubious American residential lending.
If you have a reasonable deposit, can prove your income and can show you can manage your existing commitment well, then there are many lenders who are willing to lend. If you are looking to move, remortgage for a better deal, or if you are a first time buyer trying to get on the property ladder then taking good advice from an independent mortgage broker will give you all the information you need and get you the best deals possible to suit your requirements.Feel free to contact Planit Mortgage at any time 0845 270 7214. Email info@planit-mortgage.co.uk
Halifax reduces rates on 2 year tracker and 3 year fixed deals and now has lower arrangement fees for homebuyers, First Time Buyers and re-mortgage products.
With effect from 19th July 08 Bank of Scotland is making selected improvements to its product range.
IMF says no recession in the UK!
