Affordable mortgages 'may not be answer to property slump'
News that affordable mortgages are coming to the market may not be enough to provide an answer to the ongoing housing market slump, one sector commentator has claimed.
Commenting on a new HSBC mortgage - which offers a rate of 1.99 per cent on a two-year discount loan - Jon Brown, partner relationship manager at iammoving.com, said many would-be buyers could still be thinking twice about buying a home.
"The question is, are Britain's renters ready to jump just yet, or are they prepared to weather the storm just that little bit longer to see if lenders can stump up a better offer than a 40 per cent deposit?," he asked.
Britons who are concerned about whether they will be able to secure a mortgage may find that property to rent in Blackheath is a more affordable option.
Buyers with a deposit valued at 40 per cent of their property's value may be able to take advantage of the HSBC offer.
Published 4th September, 2009
© 2009 Estates IT Limited
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