Them national media boys are at it again, beating us all up with lots of bad news about the economy. But will be as bad in Surrey or Hampshire.
Of course statistics don’t lie, although they can be manipulated to suit the cause especially in the politics game.
Look at unemployment, up to over 2 million and it could get worse with some economists saying 3 million is likely, even a spokesman for the TUC acknowledged that 3 mill. could be possible.
Most of the jobs lost are not local and its far worse up north, especially in the former industrial areas. But let’s not get complacent down south. I know quite a few people who have lots their jobs and others who are also very concerned about theirs.
Lord Turner, he’s the guy who has been given the job of reviewing the role of the FSA (the Financial Services Authority), has said that mortgages may become harder to get, with the loan to value of the mortgages having a minimum of 10-15% deposit required.
I don’t see that as a bad thing, its good that a buyer shows some commitment to buying a property by working harder to save for a deposit. But mortgage companies, banks and building societies should not make it tremendously hard and difficult to get a mortgage. There has to be a balance.
So I hope the government and the FSA do not go over the top, after all this is the same government that was talking about allowing mortgages with 7 times your salary.
International Monetary Fund report.
Yikes more bad news… according to the IMF the Uk is in a worse financial position than most of it G20 partners in fact it has said “Britain will take longer to recover from the recession than any other major economy”
Hold on to your hats, but don’t panic.
Need to Remortgage
There is no doubt mortgages are cheaper at the moment, but still people are not taking advantage of this.
I recently agreed a 250k remortgage for a couple who were on a 6.5% loan down to 3.9%…can you imagine the savings they made monthly, but more about that in another blog post.
If I can be of service please call me 01276 670777
Bye for now
Michael Usher
