First time buyers…Buy Now?

Wherever you look its “Doom and Gloom”, I try not to watch too much TV news, I mean how many times can you listen to the news presenter read out bad story after bad story, without getting peed off.

Last week the housing minister Margaret Beckett, said it was a good time for 1st time buyers to be buying homes. She was slammed for not recognising that our recession problems are not over. But I would like to defend her.

Yes that’s right, well up to a point. You see, it is a good time for first time buyers to be “looking” at property, so they can get a feel for the market. Now you notice that I didn’t say buy…

Of course they could buy if they have a big enough deposit and they can negotiate another 5-10% off the curent asking prices.

Most people who are desperate to move, are waiting for the price of homes to reach what they percieve to be the bottom of the market. When will this be?

Well in my opinion, sometime later this year I believe the value of houses will stop falling, then prices will stick for a while and the start to rise next year. Maybe not as dramatically as before, but they will rise in the foreseeable future.

And our 1st time buyers have to be ready. Now compared to this time last year, there are not as many mortgage products available, but there are a few alternatives and I would be glad to talk to you about your options, just give me a call 01276 67077

So I believe first time buyers should be taking a look at the market and getting a feel for the market.

As a 1st time buyer, what kind of deposit do you need?

Well the ideal customers from a lot of the banks and building societies point of view is a customer who has 20-30%, because the mortgage lenders are worried that the value of houses, still has another 10% to go down yet, so they want to minimize the risk they take..

But 10 and 15% deposit mortgages are available, but they come at a cost. If you want further information and options, call me and we’ll talk

Bye for now

Michael
mums