The recent announcement of the building of 300,000 homes in the West Midlands area by 2018 should prove excellent news for mortgage advisers and property developers in the area. With subsidised mortgages and a government backed mortgage guarantee scheme likely to be in place for these bills, getting the wheels in motion again as far as new house builds are concerned seems only a few months away. It is estimated that land has already been earmarked and planning permission obtained for over 150,000 houses in the West Midlands district. Some of this land was bought as long ago as the 1970s, and much of it was bought before the recent recession in 2007.
New developments in Birmingham.
Those of you who have not visited Birmingham for a while may not be aware of the huge new developments going on particularly to the south of the city. The areas around Edgbaston and just outside the city centre are undergoing a huge bout of renewal. The new hospital is a simply gigantic structure and looks similar to three huge ocean liners docking at port.
There are new flats and apartments going up all the time as well. The “Mailbox” is an impressive structure and has become a hub for business and enterprise in the region very quickly. Even in these times of austerity most of the units inside this impressive building had been rented out.
The area around the canal has new flats and offices and apartments, and again there seems to be no shortage of tenants or buyers. As you might expect in an area like this mortgage advisers and mortgage brokers have set up shop in the vicinity to facilitate the transactions that are going on on what seems like a daily basis.
If you are an individual looking to rent or buy a property in the new thriving heart of Birmingham, you may need to make a future which is about which mortgage adviser in Birmingham to go for. There are plenty to choose from, and generally they offer a very high standard of service.
It’s good to see that the opportunity is being taken to renew a city which in some respects seems stuck back in the 1960s, and had a reputation for being a bit of a concrete jungle.
Of course, much of the motor trade has closed down in recent years taking with it a lot of the support industries and it will take some time for the city to truly recover from this blow. But there is definite evidence of a renewal and the city’s ability to push in a new direction in terms of offering high-quality services homes and shops for the community.
All of this development requires professionals to grease the wheels and make sure that everything runs smoothly. In my experience mortgage advisers in Birmingham are on top of their game and providing an excellent service to their clients and facilitating the growth and renewal of England’s second city.
Mortgage Advice Need Not Cost The Earth
Most people are used to paying upfront for the services they receive, it’s the general way of doing things that they are suppose. It comes as a little bit of a surprise to people getting their first mortgage that when you come to buy your first home it is often not you who ends up paying for professional advice.
I spent a while hunting through estate agents windows looking for a first house, when I decided to buy I walked into the estate agent and made an offer based on the amount of money I had and a realistic self appraisal of how much money I thought I could borrow.
To their credit the estate agent recommended that I get an independent mortgage adviser on board as quickly as possible and I recommended one or two. I rang the number on the first card they gave me and made an appointment to see a mortgage adviser in Birmingham the very next day.
I had to ask what the costs were, and it was explained to me that the costs would normally be met by the mortgage provider in the form of a commission to the adviser. I asked a few questions, and was a little concerned that this might mean that the advice was slanted towards the mortgage company that offered the best commission, I was assured that the advice given would be monitored and had to be accountable to a professional body. So with this in mind I went to have my first meeting with my Birmingham mortgage adviser.
I can’t believe I held off for so long! After barely an hour’s consultation we had worked out my finances and decided on the price range that I could afford and the best sort of mortgage to suit me bearing in mind any possible future rising interest rate and how that might affect my ability to repay.
It seemed I could afford more than I thought, but on the advice of the mortgage professional I decided to stick with my original budget and save the rest in case interest rates rose suddenly and I was caught short.
I ended up buying a house a few months later and it did not cost me a penny for the professional advice I received. Of course the rest of the process was rather expensive and many of the costs were added on to the lump sum of the mortgage rather than coming out of my pocket initially will stop but I’m very happy to receive the sound financial and economic advice that I had from my Birmingham mortgage adviser.
Mortgage Advisor In Birmingham Gives Peace Of Mind
I’ve looked for a property from everywhere between Kings Norton and Birmingham International Airport. I’ve even found a few properties I actually like, of course you know the problem before even mention it. The ones I like the way out of my budget and one is left with I really don’t like.
The annoying thing is, it’s not that I can’t afford the mortgage, in just about all cases I could. My problem is that I keep coming up against a barrier when every mortgage I go for asks for a deposit of 25 or 30%. For a house that is close to £200,000 is between £50,000 and £60,000 on need to have.
You would have thought that with a job which pays slightly over £40,000 a year, that getting a mortgage for a simple three-bedroom semidetached house would not be as hard as it is, but I was really banging my head against a brick wall until I came across the ideal solution.
I came across a mortgage adviser in Birmingham who managed to sort just about everything out for me. I can’t believe I didn’t look for professional mortgage advice earlier, because when I did a whole world of mortgage products that I did not even know existed opened up for me. Suddenly there were several options for affordable mortgages that did not require such enormous deposits.
Not only that, there were a whole range of other ideas which I had not even contemplated such as payment holidays equity sharing and of course fixed interest rates. I’ve really should have looked into the situation with interest rates before, I had not realised that they were so low and when I went to the mathematics with my Birmingham mortgage adviser it became clear that if I stretch my budget to high a modest increase in the base lending rate could potentially cripple me financially.
I still haven’t found a home on after, but at least now I know I’m on the right track. It’s a good feeling to have professional advice and to know that when I do find a home I want their range of products that I can access quickly and can afford even if the worst does happen. All I need to do is make an offer within my price range and then pick up the phone. My Birmingham augured adviser has given me the sort of peace of mind that I did not think possible beforehand.
When To Consider Saving For A New Home
I remember when I was in my teens my dad telling me that it was never too early to start saving for your first mortgage. He might as well have been talking to the wall as talking to me at that age, every spare penny I had went on a rather hectic social life. It was only a few years later that I really started to consider buying a home for the first time.
If you are in that position now, perhaps in your early 20s and considering starting to put money away to buy your first house in Birmingham, here are a few things I learned the hard way that might make it a little bit easier for you.
It is never too early to get mortgage advice. The way that you save and the way that you organise your finances should you have savings or even debt can have a large impact on the sort of mortgage you may be able to get when you finally get round to asking for one.
I spoke to a mortgage adviser in Birmingham and we went through a few of the issues that arise when you are first looking to get a home loan or mortgage. Your overall ability to repay the mortgage is vital and these days most companies will also expect you to have a sizeable deposit.
For many this will mean a period of saving before jumping on the property ladder, a quick chat with a mortgage adviser before I had even started saving process and I found that there are some ways that are better to invest your money than others.
Of course this is general financial advice, that the mortgage adviser in Birmingham had my best interests at heart and certainly was viewing me as a potential client in the future. It was in his best interests to make sure that I was able to get the mortgage I needed and thus he could earn his commission from the lender.
It was quite a few years before I bought my first house, I had no debts and a decent deposit saved up, I also had a little nest egg in the form of an ISA which I could either used to augment the deposit or for home improvements should the house I was planning on buying require it.
So it’s never too early to start saving for your first home, but more than that, it’s never too early to as the expert advice on the best way of going about it. My little chat with the mortgage adviser in Birmingham not only put my mind at rest, but made sure I saved my money in the best way possible.
Birmingham Mortgages To Hit Record High.
Thanks to continuing the work of the agencies charged with renewing Birmingham city centre, quite an amazing statistic has been revealed.
The value of mortgages in Birmingham in 2011 is set to reach a record high, beating even the lending figures from 2005 and 2006.
It is testament to the amount of work being done in and around the city centre that this has been made possible. In particular it is worth mentioning the area around the new hospital, and of course the canal-side development that has been going on for quite some time. Birmingham is becoming a brighter and better city by degrees.
It is worth taking a quick look at the mix of properties being sold and developed. There is a definite trend wards one and two-bedroom properties particularly apartment and flats in the city centre. There are also large developments taking place in the Edgbaston area and also around Birmingham International airport. What is equally surprising is that these new developments are finding buyers and tenants with relative ease, this when other areas of the country are suffering severe downturn in business in this regard.
Ask any Birmingham mortgage adviser and they will tell you that, although business is a little harder to come by than it was a few years ago, there are some major developments that have kept them busy during the recession.
I spoke to one mortgage adviser in Birmingham who told me in his own words that Birmingham did not have the greatest reputation as a cultural centre in the United Kingdom, but he hoped that with the changes that have been made in the last 10 years and those that were still due to be made in the next 10 years that this will change.
If you have not visited Birmingham for some time, consider coming to have another look. It’s a very different place now, and I think you will be pleasantly surprised.