One thing I am sure of now.  There is big demand for property by us the potential owners.  This includes first time buyers, second time buyers, third time buyers, down sizers, upsizers, landlords and sarah beeny wannabes!

 

One problem.  Lack of finance.  So take 12 months ago.  No buyers and no finance.  The only buyers were nutters like me and you right?

 

Now we have more buyers as prices have got too attractive and there are some cash buyers seeing this as an opportunity to bag bargains.  Prices have dropped to zero and buying levels have only dropped by 50% ish so there are some buying out there at 85% of peak prices.

 

So when will the banks lend?  We have seen the government adopt an approach of bailing out the banks and then lending but to put it simply their products are mostly crap! 

 

Gordon and Alistair, if you can hear me:

 

WE WANT 85% BUY TO LET & 100% RESIDENTIAL MORTGAGES!!!!!!!

 

Then we can say lending is back and lending will shoot over the peak levels of when there was 90% buy to let and 125% residential mortgages because there is so much pent up energy to BUY!

 

Can you imagine when the first 80% buy to let mortgage comes out.  I know whoever does it will NOT make a song and dance about it.  As soon as it is released on a mortgage introducer online system word will spread in minutes.  And guess who will tell you about it? ME!

 

So come on banks, get your act together and start bringing out some high LTV products.  We never defaulted when we got 90% LTV buy to lets when the rates were 7% (making the bank a 1.5% margin) so why would we default now (when they can make a 5% margin)?

 

My advice to anyone is keep your eye on these mortgage rate tables for some sexy products.  I did find out one with my chat with liz:

 

• 70% LTV on purchase price
• 100% on refurb costs
• min valuation £40k

 

So if you found a deal for £50k and the refurb will cost you £20k and the property will value up at £80k then they will lend you £35k to buy the property and £20k once the work is completed based on the invoices you submit.  Nice eh?  This deal is perfect for my Seed & Harvest package.

 

Speak soon.

 

Ajay

 

One thing I am sure of now.  There is big demand for property by us the potential owners.  This includes first time buyers, second time buyers, third time buyers, down sizers, upsizers, landlords and sarah beeny wannabes!

 

 

One problem.  Lack of finance.  So take 12 months ago.  No buyers and no finance.  The only buyers were nutters like me and you right?

 

Now we have more buyers as prices have got too attractive and there are some cash buyers seeing this as an opportunity to bag bargains.  Prices have dropped to zero and buying levels have only dropped by 50% ish so there are some buying out there at 85% of peak prices.

 

So when will the banks lend?  We have seen the government adopt an approach of bailing out the banks and then lending but to put it simply their products are mostly crap! 

 

Gordon and Alistair, if you can hear me:

 

WE WANT 85% BUY TO LET & 100% RESIDENTIAL MORTGAGES!!!!!!!

 

Then we can say lending is back and lending will shoot over the peak levels of when there was 90% buy to let and 125% residential mortgages because there is so much pent up energy to BUY!

 

Can you imagine when the first 80% buy to let mortgage comes out.  I know whoever does it will NOT make a song and dance about it.  As soon as it is released on a mortgage introducer online system word will spread in minutes.  And guess who will tell you about it? ME!

 

So come on banks, get your act together and start bringing out some high LTV products.  We never defaulted when we got 90% LTV buy to lets when the rates were 7% (making the bank a 1.5% margin) so why would we default now (when they can make a 5% margin)?

 

My advice to anyone is keep your eye on these mortgage rate tables for some sexy products.  I did find out one with my chat with liz:

 

• 70% LTV on purchase price
• 100% on refurb costs
• min valuation £40k

 

So if you found a deal for £50k and the refurb will cost you £20k and the property will value up at £80k then they will lend you £35k to buy the property and £20k once the work is completed based on the invoices you submit.  Nice eh?  This deal is perfect for my Seed & Harvest package.

 

Speak soon.

 

Ajay

 

Posted on: 28th Apr 2009