Why Get a 100% Buy To Let Mortgage?
If you think you’ve missed the boat on the buy to let mortgage frenzy which swept through the market like a typhoon over the last few years then think again. You can still find a few brokers doing 100% buy to let mortgage deals on the high Street but admittedly they are tougher to seek out these days.
With the real estate market taking a serious nosedive over the last 12 months and with things still dropping quite dramatically, now is a desirable time to plan for the next investment. Timing your move properly could lead to making substantial profits in the medium term.
There has been this kind of no holds barred situation for about 10 years, at least in the UK. The housing market has seen unprecendented growth which has lulled tens of thousands of people into a false sense of security.
Those who came to the party a bit late and secured their 100% buy to let mortgage are now feeling the pinch accutely. In fact many people are experiencing the horrendous negative equity situation where their remaining mortgage has a greater value than the value of their home and rental earnings do not cover the mortgage repayments.
For these people the bubble has well and truly burst! No wonder we are seeing record numbers of repossessions. But this had to happen. This unprecedented growth could not build indefinitely and a correction has been probable for some time. Maybe it is one of the reasons we are seeing vast numbers of people looking for work doing free online data entry jobs working in their home office. But that’s another story!
It’s good news for those of us who are waiting patiently in the wings ready to snap up some top deals which will inevitably come onto the market. In fact for first-time buyers the future is looking quite rosy and we will inevitably see more brokers doing 100% first time mortgages when the market is ready.
So be patient, watch the market like a hawk and make your play when the time is right. Do it keenly and you’ll be sitting pretty for years to come.
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[...] In fact many people are experiencing the horrendous negative equity situation where their remaining mortgage has a greater value than the value of their home and rental earnings do not cover the mortgage repayments. … Why Get a 100% Buy To Let Mortgage? [...]