Halifax increases rates reports National Homebuyers
There may be a rise in the number of people seeking a fast property sale as mortgage borrowers received another blow this week.
[UKPRwire, Wed Apr 23 2008] Halifax, the UK's largest mortgage lender, has increased rates on many of its deals, with first-time buyers likely to be the worst affected.
Borrowers who have a deposit of less than 25 per cent will see rates increase by an average of 0.14 per cent.
In addition, the highest loan-to-value being offered by the firm has fallen to 95 per cent.
It means fewer buyers will be able to enter the market and prices will inevitably fall, potentially leading to a surge in people seeking a fast property sale.
"Increased rates on high loan-to-values spells bad news for first-time buyers and remortgagers with little deposit. Anyone looking for a high loan to value is going to have a much harder time than they did six months ago," said Moneyfacts.
Julian King of the UK's largest consumer-facing fast property buying organisation, National Homebuyers says, "It's increasingly precarious for people who need to sell their property quick.
"The costs, delays and uncertainties of selling on the open market do not afford the homeowner the confidence of a guaranteed sale.
"A quick sale is simply not a viable option using the traditional 'open market' approach".
Mr King is a director of the UK's leading fast home buyer, National Homebuyers. The company is also the UK leader in Sell and Rent Back products where the homeowner can sell property quickly to release cash, but remain living in their home. This is one of many Mortgage rescue Schemes offered by the company.
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