Some information about the latest property news

The present economic condition in the UK has given to a steady rise in the mortgage rates for most of the first time home buyers. This release is about that

Newcastle upon Tyne, United Kingdom (prHWY.com) June 11, 2012 - Mortgage payments are on the increase again? Many more homeowners are going to be affected as lenders have announced more rate rises. Many are blaming a poor economy and all the costs involved to fund a mortgage.

Many borrowers who have found themselves in negative equity will not have the luxury to switch to another lender to reduce their monthly payments and will have to struggle with the extra payments caused by the rate rises.

The strict criteria for borrowing is making it impossible for first time buyers to get on the property ladder, without the help of parents or having huge deposits, is this the generation of renters.

The major problem is the knock on effect it has on the property market. Any first time buyers are being urged to register in the Governments FirstBuy scheme. The government and housebuilders will lend first time buyers the money towards a deposit, but it has to be paid back when the property is sold.

Everyone is hoping the governments new schemes will help but it will be a while before we see any proof it can work.

Still the capital is the hardest place to buy a property for first time buyers as the prices are not falling but the rents are really high, it makes it a lot harder to save for a deposit.
The main problem i think is being caused by the eurozone crises which has all the lenders wary about lending especially on higher order value properties,some of the major lenders have already announced that they are going to be scaling down on their lending.

###

Tag Words: quick house sale, sell house fast

Categories: Real Estate

Link To This Press Release:

URL HTML Code