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Realistbear

V Is Preying On F T B Ignorance To Sell Them Mortgages

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http://www.mortgageintroducer.com/news/new...p?unqueid=17063

FTB's 'oblivious to financial reality of homebuying'
A study from IFA Promotion has revealed the majority of potential first-time buyers (FTBs) face a knowledge gap on the financial realities of property purchase.
Seven in ten (71%) say they are either completely unaware
of the other financial products that need to be considered to accompany a mortgage or would at least need advice.
But with additional research showing that in practice,
78% of borrowers take out one or more insurance or investment products alongside their mortgage
(1.4 products on average)**, IFA Promotion is urging people to seek independent financial advice from a mortgage IFA when buying their homes. Likewise, it is warning that whereas independent mortgage advisers may offer independent advice on mortgages, they may offer ‘tied’ advice on affiliated products. Only a mortgage IFA can offer truly impartial financial advice across all associated mortgage products that are part of the homebuying process.

Its seems only the ignorant have been buying recently? The FTBs who are not as dumb as shinola are obviously exercising the intelligent choice and staying away. Interesting (and probably unintended) insight into who is actually buying these days--the not too bright.

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http://www.mortgageintroducer.com/news/new...p?unqueid=17063

FTB's 'oblivious to financial reality of homebuying'
Interesting (and probably unintended) insight into who is actually buying these days--the not too bright.
I agree, my personal reading is that people who are buying into todays market are mostly the desparate FTBs or amature BTL landlords. The FTBs who have been fedup of waiting for this market to crash and are so much frightened by the HPI of last few years that they are doing anything to get on the property ladder. This is evident by the highest mortgage lending figure for March. Intelligent people are selling. I agree with your observation that now there are more properties for sale offering no chain than they have ever been before since I have been monitoring this market.

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Actually guys here`s a snapshot at the coalface (so to speak). There appears to be 2 distinct type of FTBs on applications; firstly those earning 30-50K, (either solo or as a couple) that want a mortgage offer circa 130-150K.

Then another distinct set of FTBs who are quite frankly; miles away, marooned, cut adrift :angry: although a simplified snapshot it is that polarised and that representative.

As for not being sussed I totally disagree, the average age of an applicant is 32. The more FTBs visit here and Firstrung before applying the better an overall education they will surely get. ;)

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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