Mortgage experts are warning that mortgage myths are leading househunters in Gloucestershire 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 concerned that prospective buyers 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 award-winning housebuilder Linden Homes, believes that rather than being a time to step back, now is actually the moment for househunters to buy.
He said: “There are a number of deals to be had right now and savvy customers with hard-earned deposits, or those using Help to Buy, are able to pick up three-year fixed rate mortgages at 2.99 per cent.
“The changes from the MMR were intended to root out bad borrowing, however they have also frightened off some customers who are perfectly able to afford a mortgage. There are also myths that the process is now horrendously complex – and that’s just not true.
“Househunters should be encouraged by the possibilities. The MMR changes are there to protect and guide them to find the most suitable financial product. There are some amazing deals out there – so don’t miss out.”
Sue Scholfield, Sales Director at Linden Homes Western, added: “It’s a real shame for property hunters in Gloucestershire if mortgage myths are getting in the way of finding them a home. As a builder of new homes, we are doing our best to dispel the misconceptions as we work with our financial partners to take buyers through the whole process – providing advice at every stage to help them secure the best mortgage deal possible.”
Linden Homes has a number of developments in the area including Greyfriars Quarter in the heart of Gloucester. Featuring a mix of one- and two-bedroom apartments, and three/four-bedroom houses, the development is close to all local amenities and the regenerated historic Gloucester docks.
This apartment offers a stunning open plan living, dining and kitchen area with a balcony, as well as a large double bedroom and bathroom. An allocated parking space is also included.
Linden Homes also offers a wide range of flexible moving schemes to help you move to your dream home. With Part Exchange*, for example, Linden becomes your guaranteed cash buyer so movers can buy and sell in one easy, hassle-free step with no chain and no estate agent fees.
To find out more call 0844 488 0819.
*Subject to scheme rules and not available in conjunction with any other offers.
24 October 2014
All images are used for illustrative purposes only and are representative only. They may not be the same as the actual home you purchase and the specification may differ. Images may be of a slightly different model of home and may include optional upgrades and extras which involve additional cost. Individual features such as windows, brick, carpets, paint and other material colours may vary and also the specification of fittings may vary. Any furnishings and furniture are not included in any sale. Please check with our sales representatives for details of the exact specifications available at the development(s) for each type of home and the associated prices.