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Why Get a 100% Buy To Let Mortgage?

Posted December 25th, 2008 by Spike

If you think you’ve missed the boat on the buy to let mortgage craze which swept through the market like a sandstorm over the last few years then don’t give up. You can still find a few brokers providing 100% buy to let mortgage deals on the high Street but admittedly they are tougher to seek out these days.

With the real estate market taking a serious tumble over the last 18 months and with things still falling quite dramatically, now is a good time to plan for the next investment. Timing your move properly could lead to making substantial profits in the medium term.

We have seen a kind of no holds barred status for close to 10 years, at least in Great Britain. The housing market has seen amazing growth which has lulled tens of thousands of people into a false sense of security.

Those who came to the party a bit late and arranged their 100% buy to let mortgage are now feeling the pinch more than most. In fact many people are experiencing the horrendous negative equity situation where their unpaid mortgage has a greater value than the value of their home and rental earnings do not cover the mortgage repayments.

For these unfortunates the bubble has well and truly exploded! No wonder we are seeing record numbers of repossessions. But this was always on the cards. This unprecedented growth could not carry on indefinitely and a correction has been probable for some time. Possibly it is one of the reasons we are seeing large numbers of people looking for jobs doing free online data entry jobs in the comfort of their own home. But that’s another story!

It’s great news for those of us who are biding our time ready to snap up some top deals which will certainly come onto the market. In fact for first-time buyers the future is looking quite rosy and we will no doubt see more brokers doing 100% first time mortgages when the market is ready.

So be patient, watch the market like a hawk and make your play when the time is right. Do it keenly and you’ll be sitting pretty for years to come.

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