Poor Mortgage Deals: Less Home Buyers
In October, lending conditions were at their tightest since February and unfortunately we have seen no improvement throughout November. Only 1 in every 100 loans were to borrowers with a deposit of 10% or under, compared to 13 in every 100 in 2007. Higher deposits are needed in order to obtain a mortgage at all, let alone obtain a mortgage on a good deal. Most buyers are unable to raise large deposits and find themselves unable to get on or move up the property ladder. The better deals and affordable mortgages are available more so for buy-to-let investors and therefore other buyers are being pushed out.Richard Sexton, director of e-surv chartered surveyors commented “The truth is the mortgage market is fighting an uphill battle. Insipid economic growth, and restricted supply of credit, are sapping the life from the market and forcing banks to target wealthier borrowers and professional buy-to-let investors. They are in no position to increase their lending. Unless the economic gets moving, and the crisis wreaking havoc in the Eurozone dissipates, there is a very real chance the first time buyer market will enter a state of near paralysis.”
With lending levels low and investor buyers able to exploit the situation, we are experiencing increasingly difficult market conditions. If these problems continue, less buyers will be able to secure mortgage funding and thus more people will be unsuccessful when trying to sell and may spend even longer on the market. There are so many knock-on effects! For a fast, reliable and secure sale, sellers can approach Quick Move Now who use their cash funds and years of experience to provide a professional service tailored to suit individual needs and situations. There are no charges, no obligations and no uncertainties. Quick Move Now don’t need a mortgage so can offer a guaranteed sale with flexible timescales.
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