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Home > Service AT Your Finger-Tips (Issue No.5)
Service AT Your Finger-Tips (Issue No.5)
Myfirsthomeltd. Newsletter
Editor's Note
British mortgage lenders have been criticised for not passing on interest rate cuts from the Bank of England recently. According to new figures from Moneyfacts.co.uk, 28 per cent of lenders are still not passing on the Bank of England reductions in full. As well as triggering recession worries, the credit crunch has also markedly affected the ways in which many mortgage lenders raise revenue.
Previously, the lenders relied on raising large loans from the money markets in order to fund the borrowers, rather than customer deposits. However, when the repayment rates of these market loans increased, the lenders faced severe revenue-raising concerns. Consequently lenders are now more unwilling to attract too many new customers by passing on the rate cuts. Following the Bank of England generous £50 billion liquidity injection, mortgage payers was expecting the banking sector and mortgage lenders, in return, to do its bit by passing on interest rate reductions to borrowers and improving the availability of mortgages.
The banking sector has failed to come with the goods on the first point, with many lenders still increasing their rates on selected mortgage products. On the second point, mortgage products still continue to be withdrawn from the market place, which is adversely impacting on an already subdued housing market. The low level of mortgage activity being a consequence of a damaging mix of stretched buyer affordability and very tight lending conditions is further bad news on the housing market.
The market is still very uncertain, but lenders are working hard to ensure that borrowers coming off fixed rates remain on track, that arrears and repossessions are minimised, and that pricing is attractive as they can make it, in a market where they must manage the demand for lending with caution.
Myfirsthomeltd team hope you will enjoy this newsletter issue as much as we do, thus contributing to making home hunting easier, enjoyable and rewarding.
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First Home Is Now Within Your Finger-Tips
For the first-time in several years a slow down of the Housing market, has resulted in house builders and developers having large numbers of homes waiting to be sold. To ease their slow moving stocks, they have begun offering buyers incentives and reduced selling prices considerably.
It has been well publicised, that many first-time buyers are struggling to get on the property ladder in the United Kingdom. With the commencement of the ‘home buying season,’ myfirsthomeltd.co.uk is launching ‘Service At Your Finger-Tips’ with the objective to further assist first-time prospective purchasers, onto the property ladder. This service is designed to bring house hunters into direct contact with professionals within the industry.
We all lead such busy lives nowadays and it’s not surprising that we sometimes struggle to fit everything in. Home hunters finding their dream home is no exception. So whether you’re a first-time buyer too busy with work to look for your first home, an investor looking to expand your portfolio, or busy parents desperate for some more space, but struggling to find time to look between baby-sitting and raising your children.
First-time buyers registering with www.myfirsthomeltd.co.uk will have free access to our newsletters, magazines and information centre. Designed to make house hunting easier, enjoyable and rewarding, giving prospective purchasers:-
Technology is transforming the way we search for our next home. Gone are the days when people’s property searches begin with the nose pressed against an estate agent’s Window and hours spent browsing through publications and driving through neighbourhoods. For many first-time buyers, the starting point is instead the internet. For a new experience visit: www.myfirsthomeltd.co.uk and register immediately via the following link: Service AT Your Finger-Tips
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