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At the peak of the previous property growth, around the autumn of 2007 the banks were falling over themselves to lend to practically anybody. Buy to Let (BTL) and domestic mortgages were too easy to come by for investors and the general public too. It is improbable that this easy finance will return in our lifetimes and this is no bad thing. In the domestic area many property owners expected 100% mortgages and in the case of the former Northern Rock well in excess of 100%. This produced the property boom of the past 10 years and despite the danger signs the financial institutions continued to lend recklessly. Investors have largely expected to have to provide some element of funding when they buy properties. For much of the previous 10 years they provided deposits of 15%. The property intention being to refinance at the earliest convenience and go on to purchase the next property. The deposit funds now required by the banks are approximately 25% of the property price but providing the house seller is prepared to sell below current market value the vendor will be able to agree a quick house sale . We have numerous property investors with funds on hand to buy your property for cash. The general public have a desire to purchase top quality properties in nice areas (when they have the funds to do so) but traders are looking for properties where they can add value and achieve the maximum yield on their outlay. Typically these are cheaper properties in less affluent areas as larger houses in better areas offer quite poor yields.
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