introducing steve mears – independent financial advisor the money man
First time buyers…
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Good news, Halifax recently confirmed that there were more First time buyers last year than since 2007, over 335,000, in fact. This is vital for the market as there are slightly less clients taking on Buy to Lets, at the moment, and we need someone at the bottom of every chain. The bad news for them is that the average price has broken through the £200,000 barrier for the first time. The scary thing, as a parent, is that the average deposit now is over £32,000!! Very low interest rates, especially with a 10 – 15% deposit, or more, are a major factor, along with high employment and high rental costs. Also, I still believe we are very much a nation of Home owners and have confidence in property as a long-term investment. Landlords There are now believed to be over two million buy-to-let landlords in Britain as the popularity of residential property as an investment has grown very quickly. Many will be affected by the changes the Government have made to taxation of rental income, which comes in over the next 4 years. The lenders response has been to amend their rental calculators, which restricts the lending for buyers and re-mortgages alike, especially for higher rate tax payers. Often this means that a larger deposit is required, to make a property “fit”, also a discussion with a friendly accountant is
” There are more options to finance a “doer upper|” or complete new build currently than for many years, and therefore rates are keen. Best to shop around as the variance can be massive, with set up and exit fees often hidden away, make sure you speak to one of us before you commit, as it costs nothing for a chat and potentially could save thousands. Happy bidding and we wish you good health and happiness for the remainder of 2017. essential to ensure that every angle has been explored. For instance, setting up a limited company can be a way around some of the new legislation, as Interest and other costs are treated differently. This has to be weighed up by the costs of running the company, of course. Developers and Builders
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…the scary thing is the average deposit is now over £32,000…
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Please remember YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE .
to contact Steve, email info@stevemears.com , telephone 0117 973 4300 or to find out more about Steve Mears Independent, visit www.stevemears.com
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