100 per cent mortgages lead a trend
During nine months to September 2007, twice as many people have
taken out 100 per cent
The company witnessed 1,209 100 per cent of mortgages were engaged
during the first nine months of 2007 leaving only 549 taken out
by Q3 2006. This leaves the bound down to the rise in property
prices and further rising interest rates.
Mortgage Advice Bureau Brian Murphy commented further saying
the need for 100 per
cent mortgages has certainly not been the
case since the start of 2007.
He added: "Interest rates have been forced to rise to reign in
inflation and slow ever increasing house prices and as a result,
buyers have been stretched to the hilt. However, with current
climate conditions and the initial signs of house price stabilisation,
there might be a glimmer of hope for these buyers."
Mr Murphy feels this situation is a long way from certainty and
until this period 100 per cent mortgages present a great prospect
for first-time buyers to jump on to the property ladder.
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