Jun 10
8
As the Government announce that the country is going to have to endure financial hardship in the near future, financial experts are contemplating the effect this may have on the mortgage and property market. The general consensus seems to be that the mortgage market will continue to improve a while longer, but the property market will slow down. It seems that borrowers who were waiting for an election result have decided to make their move and take advantage of low interest rates and new fixed rate mortgages. Colchester in particular offers buyers a choice of several new developments in the area that are up for grabs whilst borrowing is still an option.
Dovercourt on the Essex coast near the town of Colchester has a range of newly built family homes starting from as little as £138,546. The area has proved popular with Londoners who have decided to move somewhere that has a more relaxed pace of life. The peaceful and picturesque Dovercourt development from Taylor-Wimpey is only available at such an incredible price because of an equity scheme being promoted by the developers, which means that not only does the buyer only have to find 5% deposit, the overall purchase price is just 85% of the value, the rest being paid for through an interest free equity loan.
With 5% already paid, Taylor-Wimpey will arrange an 80% mortgage and the 15% loan is then repayable over 10 years in three instalments. As well as arranging mortgages and loans, the developer can also tailor incentives to suit a buyer’s unique financial situation, including finding a buyer for an existing property to speed up the purchase of a Taylor-Wimpey home in Colchester. The property market may have been slow over the last few months, but it appears that as Britain’s political and economic future becomes clearer, borrowers feel more confident about investing in a property if it is financially viable.
