Monday, July 7, 2008
Oh dear, how many more people will be stuck on their lender’s SVR?
"UK house prices have fallen 6.9% over the last year, according to Nationwide, and you'd have thought that would be good news for potential first-time buyers as homes should now be more affordable. But sadly, for wannabe homeowners, while houses are getting cheaper, mortgages are getting more expensive. Last week saw the death of the 100% mortgage. This means no deposit, no mortgage -- simple as that. The situation is so dire these days that the best deals are usually reserved for those with a mighty 25% deposit. If the figures don’t add up, it may be a smart move to put off buying for now and save hard to boost your deposit. Who knows, in that time, house prices may have fallen even further, making dreams of owning your own home a reality."