There is no doubt that the UK mortgage market has been hit by the so-called credit crunch. There are also signs that the housing market is slipping back (Spring 2008). But whereas many people are looking on the gloomy side, there will be some canny people who will make some profitable property purchases now.
With the lack of funds available in the mortgage market, the result has been that many lenders have pulled some of their most attractive products. There are now less than half the mortgage products available compared to the summer of last year. This will mean that many first time buyers will find it hard to get a mortgage. And a house buying chain could collapse because one person in the chain can no longer get the deal that they were relying on.
But in every situation like this, there are shrewd investors out there who will turn a problem into an opportunity. As house sellers become more desperate to sell, there is the opportunity to negotiate a bargain. It's not just professional property investors that are able to do this; it's the ordinary person on the street too.
It just takes a little lateral thinking. Say you are a first time buyer that was going to rely on a 100% mortgage because you have no deposit. These type of mortgage products are no longer available. For many, this would be the point that they give up. But could you approach your parents to help with a deposit? There are still deals out there that will allow this. You could then start some negotiating with sellers and get a well-priced property. In this market you may well end up buying a house at a significantly reduced priced compared to even 6 months ago.
Discover how to get the best mortgage deals in the UK by visiting http://www.ukmortgagefacts.co.uk. Get the list of mortgage lenders in the UK.
Article Source: http://EzineArticles.com/?expert=Paul_Elms
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