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Good News on Mortgage Products

02 August 2011

At Agent Tracker we always try to look on the positive side of life, hence our site and trying to promote the positive experiences people have with estate agents.

Part of the house buying process normally includes taking out finance to complete the sale. Nobody really wants a mortgage but we all want that dream home. During the past few years we have all read the stories or even experienced the difficulties in trying to obtain a mortgage. Well, the good news is that there currently seems to be some very positive signs in regards to this. It would be too sensationalist to say that there is a price war currently going on but it would be fair to say that some mortgage lenders are offering some very attractive rates.

There are 5 Year Fixed rates at 3.39% and 2 Year Fixed rates at 2.59%. Mortgages that track the Bank of England Base Rate (BBR) are also available at 1.75% above BBR for 2 years. As always there is a caveat. Some of these rates do requires deposits of up to 40% in some instances. However, always remaining positive, there are more products available for house purchase than there was two years ago.

We are not back at being offered 100% mortgages or self- certification mortgages (where no proof of income is required) and we may never get back to those days. We are though back in a better place where more choice is available.

So is it the right time to take the plunge and move? Whether that is to up size or down size that is not for us to tell you only you will feel when is the right time? Getting a mortgage is only one of the conundrums when deciding to move.

With all the types of mortgages now becoming available, knowing which is best for you or what you can afford to borrow is a tricky task. Our view is that talking to a mortgage broker is always the best option as they will be able to source the market for you and help guide you through this maze. The majority of estate agents will have a mortgage adviser or you may wish to find your own independent adviser, either way getting advice will help you make the right decision.

Happy house hunting and don’t forget to leave us a review!

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