SELL YOUR HOME QUICKLYThe credit crunch turns into a credit crisis
Property experts have warned that the much-publicised credit crunch has turned into something far more serious - a full-blown credit crisis. According to Savills Research, interest rate reductions are unlikely to make a significant change to the property market outlook. This is due to the fact that it is not the cost of the mortgage, but rather the availability of the loans that is negatively affecting the market.
Firstrung.co.uk quotes Yolande Barnes, Director of Savills Research, as saying, "The credit squeeze became a crunch and is now a crisis. It is the availability of finance rather than the costs of finance that is the issue. Base rate reductions have little impact in a situation where mortgages are being severely rationed.”
Barnes continues by saying, “Lack of funds, high arrangement fees and high variable rates mean that the effective average mortgage rate is likely to remain little changed for the average borrower and some borrowers will face big hikes when fixed rates come to an end".
Disappearing mortgage deals – Bad news for private property sales
Statistics show that roughly 75% of mortgage deals on offer last year have been withdrawn since the credit crisis surfaced. Financial information firm, Moneyfacts, reports that of the more than 15,500 mortgage deals previously available, only 4,100 are still on offer.
These shocking statistics confirm what many prospective sellers know already – that now is not the right time for private property sales. So if private property sales are out of the question, how would you go about selling house?
MPG Investments will not only give you a guaranteed cash offer for your house regardless of what condition it’s in, but they will pay the money directly into your back account within 7 days!
Contact MPG on 0800 634 9231 today and ask one of our friendly consultants how you can put the credit crisis worries behind you – in only one week!
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