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First-time home buyers in mess |
| Written by Lilly lydia | |
| Tuesday, 26 February 2008 | |
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The denial of lending agencies to offer more than value secured loan plans and the declining real estate price index is going to affect the first-time buyers adversely. <!--[if !supportLineBreakNewLine]--> <!--[endif]--> London (Shakespearefinance) February 26, 2008: The unprecedented move by many giant lenders has mounted fears within the homeowners who have taken loans under 100 percent-plus mortgage plans. The sudden disappearance of these plans could put them into trouble after a string of lenders, including Northern Rock, scrapped their deals. Earlier, these lenders have allowed people to borrow more than the cost of their home. Not only the 125 percent mortgage market has shrunk, the more standard 100 percent home loan is also under threat. The first-time buyers are now in a mess as they are left with little or no deposits. They will also find it harder to get onto the housing ladder as banks are likely to withdraw more thanLTV homeowner loans. The rising house prices in recent months have also increased the worries of homeowners. The real estate market, according to the financial experts, can be at best flat this year. Even if the real estate prices increase, it will take time to maintain stability in the financial market. "The double-digit house-price growth can not alter the current situation by offering you relatively high LTV (loan-to-value) secured loans because by the time you come to re-mortgage, your LTV will have effectively fallen because you will have more equity in your home," predicted Melanie Bien, director at independent mortgage broker Savills Private Finance. For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit http://www.shakespearefinance.co.uk/ |
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