This column is always a difficult one to write in the middle of the Easter holidays and whilst a lot of people are away, including myself!
So, whilst writing this from our ski chalet, I do look around the surroundings and weigh up the local house prices and compare to those back home.
We are most definitely an expensive comparison.
With this in mind, I wonder how first time buyers manage to save alone, without the help from the bank of mum and dad or grandparents, in the current climates, most probably still whilst paying to rent a property?
Which incidentally, will be a significant amount more expensive on the monthly payments than a mortgage probably would be!
This is of course on the basis that the clients have no issues, which, as more and more people apply for a mortgage, more and more fall out of the ‘high street’ model.
Some give up, whilst others look for the alternative mediums out there, such as ‘whole of market’ mortgage brokers, who have access to lenders who want to help.
Lenders recognise that they should be helping those who may have had a blip in the past. Just last week, our good friends at Kent Reliance (part of the One Savings Bank group), launched a mortgage for those with a 10% deposit, that may have had a default or CCJ over two years ago, or a missed mortgage payment over one year ago, with rates starting from just 3.19%. Terms and conditions obviously apply, and these deals are only available through a limited few.
They join another lender, Kensington Mortgages, who also offer a similar offering for those with just a 10% deposit. However, that means that only two lenders in the whole market will consider someone with a historic blip and just a 10% deposit. These two lenders must be applauded for leading the way. But overall, this needs to change and more lenders need to follow suit and offer assistance.
Finally, hats off to the organisers of the Easter weekends Piazza Italia. Despite the weather, the crowd turnout was fantastic, as was the entertainment, and it looked like everyone enjoyed themselves. AToM was delighted to be a sponsor and well done to all involved.