October 8, 2007
Two minutes to agree a mortgage
There is a growing trend that still urges young people to get onto the property ladder; in fact there are stories that are very reminiscent of the late 1980’s. Just before the property bubble burst devastating the market.
It seems that like any other product finance, younger couples are approaching a house purchase as it if were any other item, taking only two minutes to agree to a mortgage plan, without no care for the condition of the property, and its location or resale potential not even given to much thought about.
With the average house price touching £220,000 and interest rates being anything from 7% up to 15%, the market may not be able to sustain itself should these buyers find that the house they are buying is worth less than the mortgage on it.
Source [Debt Advice Trust]
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