Musings of a London Property Finder
The Alliance and Leicester have cut rates for homebuyers with deposits by 0.55pts but reporting on City Wire today, Iain Martin says that a 25pts deposit is required to achieve the best rates.
Alliance & Leicester cut their loan to value ratio to 85pts from 90pts meaning that First Time Buyers need to come up with a 15pts deposit. There are still lenders willing to lend 90pts of the value of a home. The message to First Time Buyers should be threefold:
- Don’t buy if you can’t afford to
- Buy something you can afford comfortably
- If you haven’t managed to save/borrow/blag your 10pts deposit, you are probably not ready to buy.
For those who really want to get onto the property market and have the finances ready, this London Property Finder can find repossessions or other low value property which will perform in the short to medium term.