I agree Pan, we are in danger of creating mass panic, where all we need to be is prepared. A 3 or 4% drop is significant of course, but house prices have increased by about 180% over the past ten years or so, perspective is just as important as caution.
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HSBC have anounced that for anyone comming off a fixed rate mortgage in the next six months they will offer an equivalent 2 year fixed rate mortgage (but with a limit of 4.5%)
So for example if you had a fixed rate at 4.9% they will match it for 2 years - if you had a fixed rate at 3.9% they will give you a fixed rate of 4.5% for 2 years. Fees for this have not yet been anounced.
Apparently according to the BBC HSBC will be taking applications from 14th April.
Looks like they are trying to buy market share in a time when everybody else is trying to sell it!
could be good news for some!Comment
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As long as you don't need to move and can pay your mortgage then there's nothing to worry about at all, negative equity and a lower house price are irrelevant if you just want to live there...JohnComment
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and in a buyers market no doubt they will pick and choose the best ones, so probably no help to the 'not so best' ones...Originally posted by LegendsJohnComment
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Well the BoE just cut rates by .25% to 5%... and 2 banks promptly announced they are putting their rates UP across several mortgage ranges...JohnComment
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