Mortgage Myths Cause Families To Miss Out On Their Dream Home In The Midlands
04 Nov 2014

Mortgage experts warn that mortgage myths are leading househunters in the Midlands to miss out on their dream home by failing to take advantage of the lowest base interest rates in more than a generation.

The Bank of England has held the base rate at 0.5 per cent since March 2009, and it has generated remarkable opportunities for customers in the mortgage market.

But financial advisors are increasingly concerned that househunters are failing to make the most of a golden situation because many mistakenly believe that extra application checks introduced in April under the Mortgage Market Review (MMR) have locked them out.

Adam Champion, New Build Sales Director at New Homes Group – which advises customers of top five housebuilder Linden Homes – said rather than being a time to step back, now is actually the moment for househunters to buy.

He said the situation had led to lenders bringing out impressive new products, with savvy customers with hard earned deposits or those using Help to Buy being able to now pick up three-year fixed rate mortgages at 2.99 per cent.

Adam said: “There are a number of deals to be had right now with a range of lenders coming to the fore including Skipton, Accord and Santander, all with compelling products to be had for first-time buyers right through to those buyers with larger deposits.

“Also, the changes from the MMR were intended to root out bad borrowing,” explained Adam. “However they have also had the effect of frightening off customers who are perfectly able to afford a mortgage. There are myths that the process is now horrendously complex – and that’s just not true. Lenders have quickly adapted and, in fact, responsible lenders like Halifax have had similar systems in place for up to 10 years, so there is little new here to be worried about.

“Househunters should be encouraged by the possibilities. The MMR changes are there to protect the customer and guide them to finding product that suits them best and gives them the most protection. There are some amazing deals out there – so don’t miss out.”

Linda Huntington, Linden Homes’ sales manager added: “It’s a real shame for househunters in the Midlands if mortgage myths are getting in the way. We’re doing our best to dispel the misconceptions. As a builder of new homes we work with our financial partners to take buyers through the whole process, advise at every stage, and to get the best mortgage deal possible.”

For more information on a Linden Homes development near you, simply visit the Linden website.

-ENDS-

For further information, contact Jenny Holden at MMS on 01889 571910 or email jenny.holden@mms-marketing.co.uk

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