If you think you’ve lost out on the buy to let mortgage craze which swept through the market like a hurricane over the last few years then think again. You can still find a few brokers providing 100% buy to let mortgage deals on the high Street but admittedly they are few and far between these days.
With the real estate market taking a serious plunge 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 investment properly could lead to making substantial gains in the medium term.
We have seen a kind of no holds barred scenario for close to 10 years, at least in Great Britain. The housing market has seen unprecendented growth which has lulled many people into a false sense of security.
Those who came to the party a bit late and arranged their 100% buy to let mortgage are now feeling the pinch more than most. In fact many people are experiencing the horrendous negative equity situation where their outstanding 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 popped! No wonder we are seeing more and more repossessions. But this was always on the cards. This unprecedented growth could not build indefinitely and a correction has been expected for some time. Possibly it is one of the reasons we are seeing increasing numbers of people looking for work doing free online data entry jobs in the comfort of their own home. But that’s another story!
It’s good news for those of us who are delaying our next move ready to snap up some fantastic deals which will certainly come onto the market. In fact for first-time buyers the next few years are looking quite rosy and we will no doubt see more brokers doing 100% first time mortgages when the market turns around.
So be patient, watch the market like a hawk and make your investment when the time is right. Do it properly and you’ll be sitting pretty for many years.
