Homebuyers offered a 40-year fixed mortgage
Recently a lender by the name of Habito has advised that they have implemented a 40-year fixed plan for first-time buyers, people looking to move homes or for people that are looking to remortgage.
They have stated that there will be no early repayments and monthly payments will stay as-is for the duration of the mortgages period.
Habito explained that this is how it would work:
“If you decide to take the 40-year plan with a 40% deposit, as an example, you will be fixed at a 4.2% borrowing rate, but if you decide you are only going to pay a 10% deposit you will be offered a 5.35% borrowing rate”
This type of lending is coming on the continent and does give the borrower certainty in terms of not having to go through the remortgage process every few years. The downside is the overall cost of the mortgage increased.
Good News for first-time buyers
As we are all well aware the pandemic has hit us in every nook and cranny. At the start of spring last year the low-deposit mortgages almost became non-existent, but, with the 95% mortgages now being supported after the current budget, it is hope we will see more activity from first-time buyers which is crucial to keep the property market moving.
To read the full article click here: First-time buyers can now get 95% mortgages again
Great Tool For the Month
Homesearch Property Research Tool
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Our April Success Story
180a Underhill Road, London, SE22
When our vendor spoke to us originally he was frustrated at not having a firm offer after being on the market for many months, with two very prominent local agents.
It was fairly obvious what was wrong. The price was too high and not attracting the right buyers and the advert looked unappealing without any furniture.
We explained that when you’re priced too high, you may not even get offers and this was definitely the case. It didn’t help that the house had been on the market for almost 6 months.
As it happened we had some of our own furniture we were moving from another property we had sold and I suggested I use it and try to style the property to make the images more appealing.
We had a good number of viewings and several interested parties and within three weeks of listing the property, we were negotiating with a really keen buyer.
It’s now sold STC.
Remember – pricing too high is an agent strategy to get you on their books. It won’t help you, it’ll guarantee to damage your chances of a great result. And empty properties sell for less. It’s why new-build developers full furnish their show flats.
Interested to see what we are up to? Follow us on our social media for daily news and updates on our properties to rent and for sale:
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What properties do we have on the market for April?
Please click on the following link for our current properties that are on the market for sale and rent: https://www.fishneedwater.com/property-search