If you think you’ve lost out on the buy to let mortgage mania which swept through the market like a typhoon over the last few years then don’t give up. You can still find a few brokers offering 100% buy to let mortgage deals on the high Street but admittedly they are tougher to seek out these days.
With the housing market taking a serious nosedive over the last 18 months and with things still dropping quite dramatically, now is a desirable time to plan for the next investment. Timing your move properly could lead to making substantial gains in the medium term.
There has been this kind of no holds barred scenario for near on 10 years, at least in the UK. The housing market has seen phenomenal growth which has lulled thousands of people into a false sense of security.
Investors who came to the party a bit late and secured their 100% buy to let mortgage are now feeling the pinch badly. In fact many people are experiencing the awful negative equity situation where their remaining mortgage has a greater value than the value of their property and rental earnings do not cover the mortgage repayments.
For these unfortunates the bubble has well and truly popped! No wonder we are seeing record numbers of repossessions. But this was inevitable. This unprecedented growth could not continue indefinitely and a correction has been likely for some time. Possibly it is one of the reasons we are seeing large numbers of people looking for work doing free online data entry jobs at home. But that’s another story!
It’s favourable news for those of us who are biding our time ready to snap up some fantastic deals which will inevitably come onto the market. In fact for first-time buyers the future is looking quite rosy and we will inevitably see more brokers doing 100% first time mortgages when the market is ready.
So be patient, watch the market like a hawk and make your investment when the time is right. Do it keenly and you’ll be sitting pretty for many moons hence.
