There are chinks of light appearing in the mortgage market, says Simon Gilvey

Witten by Simon Gilvey.

What an eventful few weeks for banks!

Unless you’ve been out the country for the last fortnight you can’t have failed to have seen the news about the LIBOR rate fixing scandal within theUKbanks.

It’s sad that for a country that prides itself on its financial services and banking sector, news like this does nothing to help maintain confidence in the banking industry.

In light of such news headlines, we are finding more of the public are now seeking professional advice from independent financial advisors, to review the whole of the market for them.

The key difference with such advice, is that the advisor acts for you, the client, rather than a bank or building society, to search the market for the best deal for you.

Recent headlines have suggested that the housing market for first time buyers remains at best, subdued, but there are chinks of light appearing in this end of the mortgage market.

A number of lenders are now offering mortgages with only a five percent deposit, which in areas such asNorfolkwhere house prices remain reasonable, is within the reach of many people looking to take that step to buy their first home.

The reasonable property prices inNorfolkalso allow an opportunity to take advantage of the increasing number of Buy to Let mortgages that are becoming available on the market for property investors.

A number of the high street banks have returned to the market with Buy to Let mortgages, specially aimed at the more amateur property investor who only wishes to buy one or two investment Buy to Let properties.

For your more experienced landlords with larger buy to let property portfolios, there is also good news with specialist Buy to Let lenders having less restrictions about the number of properties you are allowed to own, if you require further funding from them. For people looking to move house and borrow more money, or people just looking to change their mortgage deal, there remains an excellent choice of extremely competitive mortgage products. We often find our clients that are looking for a new mortgage are pleasantly surprised at their monthly mortgage costs, given the currently low interest rates available. Without stating the obvious, mortgage interest rates won’t remain this low indefinitely, so it’s always worthwhile reviewing the cost of any new mortgage if the rate was one or two percent higher to make sure you can still afford it in the future.

 You can contact Simon Gilvey via Pymm & Co on 01603 305805.

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