I am not sure what is going on but one thing is for sure:

The deals are back!

I have found:

• Residential mortgages at 95% at below 5% borrowing rates
• Introductory 0% borrowing rates for 6 months on residential mortgages
• Let to buy mortgages where you can let your current property and move in to a second property
• Loads of buy to let mortgages with sub 5% borrowing rates (one at 3.99%) at 75%+ LTV.

So it is safe to say the product range is back.  The next question is how much is there to lend?  At the minute the news points to the fact that the banks have reduced lending and intend to in 2009.  However:

1. Gordon Brown and the government have told the lenders to lend at 2007 levels.  I would not want to argue with him and I am sure Gordon will get his way, especially that he owns a large proportion of the banks anyway!
2. The government will start printing money quite soon and make it available to us if you ask for it.  I suggest you ask for it!

So my advice to you is forget saying to yourself "No one is lending" and start making applications.  This "Wall" will come tumbling down and there will be masses of choice for those who ask for it. 

This is what happened when I first started out.  I tried to buy property for the purposes of renting out and I got told I could do not do that.  Then the first lot of buy to let mortgages came out and I know I was one of the first 10,000 people who made an application for a buy to let mortgage back in 1996.  I still got rejected but it did not stop me.  I got my first buy to let mortgage in 1998 and like they say the rest is history.

Property investment is only getting better.  In the old days I never did No Money Down investing as it was easy to remortgage and get your deposits that way.  Now we can play the game of structuring the deal at a discount off the RICS valuation and buy with no or very little money. 

Prices are set to fall further as all the experts are in agreement that only the Property Investors can save the market.  God help the market then!  Property investors are greedy and want healthy yields so do not miss this chance to drive a very hard bargain.

To speak to someone about property investment contact my team.

I think 2009 is going to be my favourite year.

Ajay

 

 

Posted on: 4th Jan 2009