I am not sure if you remember one of my previous emails about how the property market’s recovery depends on the release of a 90% LTV residential mortgage for the first time buyer at a sensible rate. Well guess what. I have found one!
Not from a small bank with very little to lend. No. From one of the biggest banks in the UK (and the world come to think about it!):
HSBC!!!
They are offering 90% residential mortgages at a cracking rate of 3.89%.
So when you have a skint first time buyer who has barely £5,000 in his or her bank account needing only another £5,000 to gather to rid themselves of their landlord and get on the property ladder the bank of Mum and Dad step in.
“Mum, can I borrow £5,000 to buy a house because the mortgage will be half the cost of the rent and I will pay you back over the next 2 years?”
Mum would be stupid to say no. So if HSBC are in the mood for lending they could single-handedly pull the UK property market out from the slump. Do I think HSBC will do this. Well frankly yes! They are big enough, brave enough and hungry enough to clear up in the UK mortgage market.
Take a look at their 90% product. If you want to get on the property ladder I reckon you should give these guys a call and tell me how you get on.
If you want to beat the impending rash of first time buyers and get the cheap properties before they do then consider instructing us to find properties for you.
If you feel you need a bit of training before you take the plunge then take a look at my training package which has been heavily discounted.
Ajay
Posted on: 3rd Sep 2009
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