Best time to get a mortgage ever?
Published on 18th January 2013
Despite the UK financial crisis, Mike Poskovic, Director of Ignite Financial Services, believes that this might be the best time to get a mortgage ever. So, why are the lenders so keen to lend and offer low interest rates?
“At the moment we are inundated with new mortgage enquires as the lenders interest rates are at their lowest ever and people are keen to move due to high rents. The Funding for Lending Scheme (FLS) was launched over the summer by the Bank of England and HM Treasury. It is designed to act as an incentive for banks and building societies to boost their lending to UK households and businesses. Specifically, banks and building societies are offered funding with both the amount and its price depending on the amount they lend.
Early signs have been encouraging; market funding costs for UK banks have fallen sharply and many loan rates have fallen. The greater demand for mortgages also could be the result of sky high rental market. A recent Rightmove survey says about 30% of tenants in the south-east are spending more than 50% of their take-home pay on rent. So, why should you be paying 50% of your salary to pay off someone else’s mortgage?”
Ignite have access to 100’s of products and do not charge any fees. First time buyers have access to low deposit interest rates at 4.49%. This is the lowest 90% loan to value since the market boom. To find out more visit their website or contact Mike on 01372 940152.
The Personal Agent introduces to Ignite Financial Services Ltd for the purposes of arranging and advising on mortgages and protection. Ignite Financial Services Ltd is an appointed representative of First Complete Ltd which is regulated and authorised by the Financial Services Authority.