SELL YOUR HOME QUICKLYHomeowners hit hard as fixed rate deals end
Property market experts have once again warned that homeowners who were to date protected against rising mortgage payments by a fixed-rate deal, are in for a nasty reality check. A number of Britain’s leading banks and regional building societies increased the interest rates on their mortgage offerings last week. This is sure to hit first-time home buyers and the 1.4 million borrowers coming off short-term fixed rate deals this year, the hardest.
But it’s not just the big institutions that are taking action. Smaller lenders are also trying to protect their margins by restricting lending and withdrawing certain products. According to the head of mortgages at price comparison site Moneysupermarket, Louise Cuming "The free availability of credit that we’ve seen for the past few years will all but disappear and that will be the pattern of the next two or three years."
This is echoed by other industry experts who estimate that between 2.75 million and 3 million homeowners will be coming to the end of various deals taken out before the credit crunch. These borrowers are likely to find it difficult to find replacement deals, which have become more expensive and harder to obtain.
So what is the answer for struggling home buyers?
If you are one of the first-time home buyers struggling to find a mortgage deal that suits your pocket, it might be wise to wait until property prices drop a bit more and houses become more affordable.
However, if you’re a current homeowner battling to have your house refinanced at an affordable monthly payment, then a cash house sale to property buying company MPG Investments might just be the right answer.
Click here to find out more about MPG’s renown cash for houses system and forget about your refinancing woes in only 7 days – guaranteed.
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