First Property

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• Commercial Mortgages
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• 
  NEWS:-
  

  
  In recent weeks and months there's been a great deal in the news about the credit crunch and the housing market.
  
  Lenders are withdrawing products and are being much more cautious about who they lend to and how much. They are also raising their rates and asking for bigger deposits. There are no 100% mortgages on the market at present so if you're looking to raise equity, in all likelihood the most you'll be able to get will be 90%. The higher percentage LTV (Loan to Value) you want the higher the interest rate you're likely to pay.

  Customers of Northern Rock (who hit the news headlines in a big way recently) are having to go elsewhere if they want to renew their mortgage or are shopping around for a better deal.
  
  So where does this leave us the consumer?

  It is interesting that the mortgage lenders are reportedly withdrawing their products from the market because of capacity problems, ie a difficulty in actually processing enquiries - as much as because of difficulties in funding new mortgages.

  Or is it because the big boys are capitalising on the general sentiment of dooma dn gloom to re-establish their once dominant position and dictate prices that will lead to even greater profits. Who knows?

  Always seek independent advice when considering your mortgages options. We will access the whole market to find you the best product for your circumstances.
  
  You no doubt want to ensure you get a better mortgage deal than the one you have. Whether you've just come out of a tie in (fixed rate, low start) or are looking to raise capital for any purpose our brokers will give you best advice. That advice may be to stay with your current lender.

  Many lenders are now offering very attractive deals, but are they what they seem? An independent broker can compare these deals for you and advise whether there are any unfair charges or tie in periods that may not be apparent to you.

  What if you need to raise cash or want to sell your house quickly? Many people have found they are prevented from doing this or subject to high redemption penalties (of several thousand pounds) when presented with this scenario.