Re Introduction Of The 90 Per-Cent Mortgage- No Battle For Rentals Market
28 April 2009
In spite of the re introduction of the 90 per-cent mortgage, earlier this week by some of the industry’s biggest players, Carl Mimmack, from Accord Lets, the leading letting agent is Birmingham city centre, is advising property owners that this will have little effect on the bouyancy of the rentals market.
Carl Mimmack from the firm who offer not just Birmingham apartments to let but property to rent in Leamington and Warwick property to let, said, “Although some of the high street banks have re introduced the 90 per-cent mortgage, there seems to be a misconception that this will mean the end to the troubles previously faced by the property market.
“The truth is that there is still a very long way to go before this becomes a reality and in the meantime, people are looking to rentals until the market stabilizes- you could say that investor confidence has taken a big knock.”
Loan providers have been nervous about falling house prices and the deteriorating economic environment and have turned to new lenders in recent months to come up with much larger deposits, shadowing out many first time buyers in particular.
29-year old Lee Carlisle from Nottingham recently bought a house with his partner, he said, “Me and my partner recently bought a house, and we really struggled to find a mortgage lender able to give us a sizable mortgage. We ended up finding a lender who would pay half of our deposit, which was great, but I can certainly see why renting is a very attractive option at the moment.”
With first time buyers opting to rent until at market stabilizes, some landlords are reaping the benefits of the new 90 per-cent mortgage, especially if they are looking to invest at this difficult time.
Mr Mimmack, from the firm who specialize in providing tenants with properties to let in Leamington, ranging from apartments to family sized homes, added, “Despite the re introduction of the 90 per-cent mortgage, the number of deals available to borrowers with smaller deposits still remains tiny compared with this time last year, and the number of 90 per-cent mortgages actually being offered to borrowers is often restricted.
“My best advice to those looking to get one foot on to the property ladder would be to rent until the time is right, after all it is better to strike while the iron is hot and when the property prices have stopped falling.”
About Accord
Accord was formed in 1990 with the aim of providing a professional, approachable, honest and caring service.
They are a premium-letting agent with property to let in Leamington, Birmingham and Warwick.
They believe that they have been able to hold on to these principles and that is the reason why so many of their clients have continued to use them. Their clients include a mix of prospective tenants and property owners, and they are proud that their clients still recommended them to others.
Currently the company has two offices: one in Birmingham city centre and the other in Leamington Spa.
As a company they are committed to building long-term relationships as they have found that property letting is not just about property and systems but, most importantly, about people.
You will find the company harnesses the latest technology to present properties well and as widely as possible, communicates efficiently and effectively and believes strongly in personal customer service.