Mortgage ranges still shrinking
Another week with plenty of news affecting the property market. On Monday one of the Uk’s big banks, HSBC announced they intend to lend double the amount of money they lent for mortgages in 2007. This is good news for many investors although it is not a move that is aimed to help first time buyers with much of their lending planned for existing borrowers.
On Tuesday the results of the latest survey by the Royal Institution of Chartered Surveyors (RICS) were revealed, showing the number of house sales per estate agent to be at 10.6 in the three months to November. This is down from 10.9 sales per estate agent in the previous three months showing that sales are yet to pick up.
On Wednesday it was revealed that the number of mortgage options were still falling with the low deposit mortgages (0-10% deposits) continuing to suffer. As long as this is the case the housing market is
unlikely to stage much of a recovery due to its reliance on first time buyers who usually struggle to find a large deposit.
This can be a good thing for you because it means prices will stay low for the time being and you will face lower competition when buying properties – meaning you can negotiate a cheaper deal!
However, some of you might think that this will stop you from getting a mortgage and therefore you cannot invest, well, need no worry now because Property Mentor have just created a new system, Property Mentor Finance, which committed to providing their delegates with a dedicated team of brokers who will always ensure you get the right deals, fast.
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Here’s a news summary from the last week:
* Wed 10th Dec – Mortgage Rescue Details Announced (news.bbc.co.uk)
* Wed 10th Dec – Mortgage Ranges Still Shrinking (news.bbc.co.uk)
* Tue 9th Dec – Lenders Slam Government Policies (news.bbc.co.uk)
* Tue 9th Dec – House Sales ‘Are Still Falling’ (news.bbc.co.uk)
* Mon 8th Dec – Northern Rock Snubs Government (news.bbc.co.uk)
* Mon 8th Dec – Estate Agents Come Under Scrutiny (news.bbc.co.uk)
* Mon 8th Dec – HSBC Aims To Lend More Mortgages (news.bbc.co.uk)
And here is a full run-down on how the current credit crunch occurred and the key events that have unfolded
http://news.bbc.co.uk/1/hi/business/7521250.stm (news.bbc.co.uk)
It seems like more and more people are realizing that now is the best time to invest in property. With the help of Property Mentor we believe that you can choose the right properties easily and get you the finance you need.
Still wonder how Property Mentor can help you?
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