As it appears as though rates for flexible mortgages may be on the downswing, more home buyers are considering them again. Although flexible mortgages have been derided over the past few months and may be to blame for the housing crash, those looking to save money may try to take advantage of flexible mortgages and hope that the rates drop significantly. This gamble may be too much for some however and many will seek fixed loans as a result.
Francis Ghiloni, mform.co.uk Marketing and Business Development Director, said: “The end of the housing market boom with house prices dropping ought to be good news for first-time buyers who can finally be in a position to afford the home that was out of reach.
“However with the mortgage market contracting lenders are getting tougher on how much they’ll lend and what level of deposit they’ll demand which means first-time buyers are yet to see much benefit from the house price slide.
“Availability remains the major issue for the mortgage market but the focus for borrowers should still be on the true cost of their loan taking into account all fees as well as the monthly payments.”
Related reading: Flexible Mortgages
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