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0.5% Bank Rate is good, but…..
Home owners in Surrey and Hampshire have seen their mortgage payments slashed in the last 5 months, well those that have a tracker mortgage or those we have helped recently to secure low mortgage rates.
Now the Bank of England have decided to print more money as well, (what a good idea, I wish I could do that) what we need now….is more lending please and all we can hope is that the banks do start to make funds available for desperate house buyers.
But of course we will all have to pay for it in the end. You can’t just print more money like its going out of fashion and not worry that this kind of action will not come back and bite you on the bum, because it surely well.
But, like the government, let’s not worry about that now, lets get the economy going again and worry about those other things in the future.
The local housing market.
I have been talking to quite a number of estate agents in Camberley, Frimley and Farnborough and they have all been saying that they are busier now than in the last 12 months and in some areas and with certain types of properties, prices are stablising.
But the banks and buiding societies are making things tougher all round. They are still insisting 0n 15, 20, or even 25% deposits, in fact its said that the government are contemplating on making it a law that there should be a deposit of at least 15%. Not sure about that.
10% deposit would seem fair and indeed workable. My first mortgage in the 80′s required 10% and yes it was hard to find that money, but I worked harder, did a job on the side and finally saved enough money to get my first house.
Prices of houses are higher now, but we all earn a lot more now.
Houses are also more affordable than they were this time last year and I know I keep saying it, but you can still get an even better bargain if you negotiate!!!!
So now its a case of saying hooray to 0.5% interest rates if you have a certain mortgage, but boo!!! if you are a saver. Swings and roundabouts comes to mind. After all some savers had it good for so long.
As Forrest Gump said “Life’s like a box of chocolates. You never know what you’re gonna get.”
If I can help you in any way with you mortgage, please email me through the website or just pick up the phone, I wont bite.
Michael 01276 670777