Top Mortgage Deals Decline

Top Mortgage Deals Decline

Following the decision by the Bank of England to cut its base rate, Cheltenham and Gloucester, a part of Lloyds TSB, has taken away some of its best mortgage deals. The knock-on effect of the withdrawal of the best deals on the market is likely to be that other banks will follow suit.

As one of Britain’s biggest lenders, the impact of Cheltenham and Gloucester’s decision is likely to be a further implication to first time buyers and homeowners as the mortgage market remains stagnant. The knock-on effect of the withdrawal of the best deals on the market is likely to be that other banks will follow suit.

Without the presence of first time buyers in the mortgage market, the financial situation is likely to continue struggling. Cheltenham and Gloucester’s withdrawal of some of its best deals mean that those with small deposits will not be able to have mortgage applications accepted. Without first time buyers, there are less people buying homes and therefore continuing stagnancy in the market.

The Government’s £500 billion bailout plan is potentially a glimmer of home in these difficult times, as this support should encourage banks to lend to one another healthily and make mortgages easier to obtain. Combined with the Bank of England’s cut of the base rate by a 0.5% reduction, the outlook for homeowners seems to be promising. However, whether this cut of the base rate will be passed on to borrowers remains to be seen.

Although there seems to be promising developments for the housing market, the amount of houses being sold is still at an almost standstill. Selling property in these difficult economic circumstances is a seemingly almost impossible task. If you need to release equity from your home quickly, Swift Capital may be able to help you.

If you are struggling to meet remortgage payments or you just want a quick house sale, we can help. We will buy any property in any condition and typically offer 80% of the market value of your home.

Contact Swift Capital today for an informal discussion, our friendly team may be able to help to alleviate your worries and see if we can buy your house fast.