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If you are thinking of buying a house in Camberley, Frimley, Farnborough or anywhere locally, we can help you. In fact we would love to help you.
But a reality check is required.
TO GET THE BEST RATE AVAILABLE YOU WILL NEED A DEPOSIT OF 25% … YIKES….
If you are buying a property locally valued at £150k you will need £37,500 just as a deposit. Now how many first time buyers can find that sort of money.
Yes with a 25% deposit you can get one of those low rates advertised 3.45% or 3.6%.
But if you only have 10% deposit, you are going to get offered a mortgage with a rate nearer to 6%.
It makes life very difficult for first time buyers, those who are desperate to move (for various reason,s change of job, divorce etc.) and a lot of people are suffering.
All that money pumped into the financial industry by our government with the aim of helping the banks, but the banks and building industry are not playing fair.
How can you ask a young couple or single person to find 25% for a deposit on a property in this area.
Nearly all of the industry experts are saying the house prices have bottomed out, meaning that property prices have probably reached their lowest price and many estate agents and Royal Institute of Chartered Surveyors are saying the same.
Banks and buiding societies that have recieved all those Billions from us, yes us, should be now lowering their criteria for lending and those who have deposits of 10-15% should get those special “Headline Rates” that are advertised.
Once we get people buying houses, whether they be first time buyers or movers, we will also see those people buying furniture and other household goods, which will help the national and local economies.
Please note that mortgage products (deals) come out on a daily basis, we keep our finger firmly on the pulse and so if you are thinking of buying a property, or re-mortgaging your property, let us know by giving us a call and we’ll do our best to give you the benefit of our experience and contacts.
We try hard to be the best in the area.
Michael