Mortgage brokers & is now a good time?

[northernladuk]

Well I think this has answered the OPs question

John Yerou posted on LinkedIn

Update*, 9th June, 2020: Lenders withdraw 10% deposit mortgages until further notice

As of 8 pm last night (8th June), all mortgage lenders have withdrawn 10% deposit mortgages from their shelves until further notice.

Virgin and Clydesdale led the way “after being flooded with applications”, with other lenders soon following suit.

The default market position is now 15% and/or 20% deposit mortgages as the lowest point of entry onto the property ladder.

No lender or organisation has yet offered a timescale for the reintroduction of low deposit mortgages.

[ladymuck]

Well I think this has answered the OPs question

John Yerou posted on LinkedIn

Ah so I was overly optimistic about how wobbly the mortgage cos are!

[jamesbrown]

Well I think this has answered the OPs question

John Yerou posted on LinkedIn

Interesting, both the demand (presumably first time buyers expecting it to happen) and the cut to supply. Will definitely accelerate price drops.

[Maslins]

Will definitely accelerate price drops.

Indeed. Perhaps lenders with a self fulfilling prophecy here!
- they think property prices will fall, so want more equity to consider lending,
- they stop offering mortgages to those with small deposits,
- this reduces number of people able to buy, so reduces demand,
- unless supply reduces as well, fewer people capable of buying same quantity of property,
- property prices fall as supply > demand.

[FrankyFingers]

I used super contractors for my mortgage. Excellent service from start to finish.

[FreelancerPlus]

Further update t/f

Well I think this has answered the OPs question

John Yerou posted on LinkedIn

Watch out for a bigger overview coming tomorrow on ContractorUK News.

The article missed last night's cut-off for today, but Simon Moore (Moore News) is scheduling a new update from John Yerou for tomorrow (Thursday 11th) on the CUK blog.

[Ariosa]

thanks

Thanks everyone for providing your feedback on this, really useful indeed.

Looks like there are a few bumps ahead still.
While I was still able to get semi decent rates from a few brokers I've talked to in the last couple of days, I can't stop thinking of the possibility of seeing a 20% drop in the price of a property I would have gone for, and that's scary.
I guess it's still wise to give it a bit more time and see how the market responds.

[WTFH]

Thanks everyone for providing your feedback on this, really useful indeed.

Looks like there are a few bumps ahead still.
While I was still able to get semi decent rates from a few brokers I've talked to in the last couple of days, I can't stop thinking of the possibility of seeing a 20% drop in the price of a property I would have gone for, and that's scary.
I guess it's still wise to give it a bit more time and see how the market responds.

While you're waiting, save as much as you can - get your accountant to look at the most efficient ways to get the cash out of your company so that you can build up a larger deposit.

[Ariosa]

While you're waiting, save as much as you can - get your accountant to look at the most efficient ways to get the cash out of your company so that you can build up a larger deposit.

I really can't think of anything else than drawing dividends beyond the 7.5% rate...
Or perhaps a loan from my business to myself for a couple of years

[GhostofTarbera]

I really can't think of anything else than drawing dividends beyond the 7.5% rate...
Or perhaps a loan from my business to myself for a couple of years

It’s a killer after 9months


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