onestopview.com » first time buyers http://blog.onestopview.com Mon, 01 Feb 2010 15:15:38 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 Mortgage Options shrink for First Time Buyers UK http://blog.onestopview.com/mortgage-options-shrink-for-first-time-buyers-uk.html http://blog.onestopview.com/mortgage-options-shrink-for-first-time-buyers-uk.html#comments Sat, 13 Jun 2009 16:42:48 +0000 onestopview http://blog.onestopview.com/?p=95 UK First time buyers are finding it hard enought to get onto the property ladder to to high prices of UK property, but now (rightly or wrongly) banks are now reducing mortgage options. The 10% deposit mortgages have shrank by 97% during the last two years with only 102 different options for people looking to borrow upto 90%. This is down from 3,148 different deals at the beginning of 2007, according to moneysupermarket.com.

Another dagger (hopefully) into the high priced property market is that average interest rates are on the increase (And will continue to increase) despite the BoE reducing the base rate down to 0.5% over recent months. In January 2007 with the base rate at 5% the mortgage rate was 6.20% and now despite the base rathe shrinking to 0.5% the mortgage rate has rised to 6.23% !!! The main reason for these high rates is because the people in the know (apparently) are well aware of the current house price market and feel prices have some way to fall yet.

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