Buying a home in the UK in 2009 is a completely different world from buying a home in 2006. In 2006, individuals were putting accelerator clauses into their mortgage offers, allowing their agent to increase their “final price” by a certain percentage if they were outbid on a property.
Gone are the days of the house going for more than the asking price, but maybe not for long. A brief study of the financial world over the last 300 years will show you that it is nothing but a big cycle with ups and downs. We are definitely in a down market, but it will come back up again.
Because we are in a down market, and because of the recent increase in home repossessions, there is extra care being placed in the residential mortgage lending area. Not only is there extra care being taken, but extra rules and policies are being implemented by both banks and the government. In these uncertain economic times it is far more difficult to get a mortgage, no doubt, but it is not impossible.
One of the best ways to look into your different options is to contact a mortgage broker. A mortgage broker is someone who will take your details and discuss with you exactly what you are looking for in the way of a mortgage. They will then call their contacts at different banks and try to get your deal approved with one of them. Your mortgage broker will not make their commission unless you get your mortgage, so it is in both of your best interests to find you a deal.
A mortgage lender is a very important contact for you especially if you have a more risky or a different type of mortgage request. For example, if you would like to build a home in a staged payment process, this may take a special kind of loan with a certain type of lender. If you are looking for a low deposit mortgage or one in a revitalization area, then a mortgage broker will most likely be your best option for finding the optimal deal for you. Even if you have a very plain, easy mortgage request, a mortgage broker will know who is lending money and to what type of clients. The insider information of a mortgage broker can be very useful, if not necessary, in difficult economic times such as these.
Where banks used to print mortgage rates and offers on fliers, on their windows, and on signs, these rates and products are not nearly as easily accessible as they once were. Make sure to do plenty of research to find the bank that is going to give you the best product. You still may have some bargaining power with rates and terms, especially if you have excellent credit, a stable income, and are financially secure.
Do not let the UK credit crisis get you down if you are considering a mortgage. You just need to realize that the rules have changed in this new world, and it doesn’t appear they are going to become any less difficult in the foreseeable future. The best advice is to buckle down, do your research, and learn to play by the new rules.
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