Mortgage Myths Cause Buyers To Miss Out On Their Dream Home in Monmouthshire

Mortgage experts are warning that mortgage myths are leading househunters in Monmouthshire 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 Monmouthshire 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.”

Within the area, Linden Homes’ popular Coed Y Brenin development in Abergavenny – on the edge of the Brecon Beacons National Park yet with easy access to Cardiff, Newport, Hereford and Bristol – now has just one home left for sale.

The stunning semi-detached Sycamore home offers plenty of flexible living for families with its spacious living/dining area, kitchen/breakfast room, separate family/study room, garage and an ensuite to two of its five bedrooms.

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.

Linden Homes builds homes from Cornwall to Lincolnshire and from West Sussex to Northumberland.

To find out more call Darlows Estate Agents on 0845 899 4321.

*Subject to scheme rules and not available in conjunction with any other offers.

-ENDS-

24 October 2014

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