The kids are back to school, the holidays are over and you may (or may not) be looking forward to peace and quiet and having some time on your hands. However, as the final few months of the year race towards us, maybe it’s time to start thinking about 2011 and what trials and tribulation this may bring. Without doubt, the only certainty in the current financial markets is uncertainty. When will bank base rate rise? Who really knows what is happening with house prices? Will 2011 lending become further restricted as the banks scrape and save(!)to pay back the £300bn lent to them via the Special Liquidity Scheme? All of these lean towards ensuring you review your current financial arrangements and ensuring you are on the best deal to see you through the medium to long term. Whether you require the security of fixing your payments for an amount of time, or whether you are a bit of a risk taker and might look at a short to a medium term tracker or discounted option, right now, both are available at attractive rates in the mortgage market. A quick review with an independent mortgage advisor who has access to the whole of market mortgage rates could be time very well spent.
On the other hand, we’re also seeing a vast increase in those purchasing a property for investment purposes. The Buy to Let market is rapidly increasing again as people turn to renting rather than purchasing in the current climate. Mainly due to their ineligibility to obtain a mortgage for whatever reason. Investors see this as a great opportunity to increase their investment property portfolios and taking advantage of the great rates in the market. Be advised though, if this is something of interest, lenders tend to charge large arrangement fees for setting up the Buy to Let mortgage and you may be eventually be subject to Capital Gains Tax at a later date, on any profit made on disposal of the property.
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