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- The Credit Crunch it’s Seriously Personal Now - posted by Natasha on Dec 7th 2008 21:54

If you were lucky enough to catch the Panorama episode entitled ‘How the Economy got Personal’ you should already have a pretty good understanding of the topic that I wanted to highlight in this post.  

Over the weekend the main headline across the news was in regard to the statement made by the Chancellor Alistair Darling on just how serious the current crisis hitting our economy actually is and also how much of an impact it is going to have on our lives in the ‘long term.’ I believe that by ‘long term’ the chancellor is stating that this economic downturn will last for 4 to 10 years.  

So what can we do and how can we prepare ourselves to last the course? First of all it’s always good to have background knowledge on a subject that is going to affect your life directly, so if you haven’t heard about the credit crunch by now I have written a quick overview to get you up to speed ;-) 

The following list roughly relates the history of our current credit crunch -  

1                     Several years ago the world economy grew at a rapid rate and there was a lot of surplus cash floating  around. The banks wanted to capitalise on this and decided to lend it to people mainly from Florida and California who hadn’t owned properties before (Sub Prime Lending). 

2                     The banks sold their mortgages to other banks and the chain continued to grow globally.

3                     Interest rates rose.

4                     Housing prices began to fall.

5                     Investors realised this no longer looked sustainable so they started to jump ship. 

6                     The banks realised they were in big trouble and stopped lending to one another. 

7                     The first victim of the crunch was Northern Rock who could no longer borrow money to fund their lending so borrowed the money from the Bank of England. 

8                     House prices continued to fall,

9                     Interest rates continued to rise further

10                 The credit crunch predominantly affects businesses, property owners and first time buyers.  

This information became highly relevant to me as I am one of many people in the UK who is struggling to get onto the property ladder. Over the pass 3 years I have been saving my hard earned money consistently in the hopes that I would be able to buy my own property. This was one of my many goals that I have had since I was younger. At the beginning of 2008 a great opportunity came my way where at last I found a beautiful new build luxury home.  However due to the credit crunch it couldn’t come at a worst time.  With interest rates now souring over 6%, average first time buyer loans requiring over £30,000 as a deposit and continuing house price decreases it’s a first time buyer nightmare.  These are the stumbling blocks you will have to manoeuvre over before you reach your goal. On average property prices have fallen by £20,000 so the question is should you buy now in this market or should you wait?   

If you’re a first time buyer and have enough deposit to take the first leap, then I would recommend that you get on that step on the ladder.  The housing market is at the top of the slide and will keep decreasing at a fast rate.  As they say, what goes up must come down. You should try and aim to save as much as you can and lower your outgoing as much as possible.  If you do have the opportunity to lower your outgoings by living with relatives while you buy, you could rent out your property. This will cover the mortgage if you plan it right, and may give you a little extra in the process.  If this is not an option then finding a tenant for your property could help to generate more cash flow. 

If you’re currently looking for a mortgage this year the Abbey has been the leading lender for competitive mortgages. As for myself I am still deciding on whether buying a new build property is the best choice to make in the current climate but if you are lucky enough to find a really good offer make sure you take the plunge.


More Hot Blog Posts....  
- Enjoy Wimbledon With Our Discount Codes - Read More - posted by Hottest Offers on Jun 26th 2010 09:24
With Fabio Capello’s England team safely through to the second round of the World Cup, following a 1 nil win against Slovenia, our thoughts can return to Wimbledon. The SW19 tournament kicked off on Monday with Andy Murray flying the flag for the Brits.

Whether its strawberries and cream, Pimms, Cliff Richard singing in the rain or the fans on Henman Hill or Murrays Mound, the traditions of Wimbledon mean there isn’t another event like it in the sporting calendar.
- Beat the Budget - Read More - posted by Hottest Offers on Jun 26th 2010 08:42
Earlier This Week, Chancellor George Osborne announced brutal spending cuts and tax rises, to aid the UK’s economic recovery. Mr Osborne warned that years of financial mismanagement by the Labour government had made these measures necessary.

Amongst pay freezes for public sector workers and huge rises in capital gains tax, the Chancellor announced VAT would rise from 17.5% to 20% on January 4th 2011. The current rate of 17.5% has been in place since 1991, although this was reduc....
- Dont Follow Kimberley Walsh Example Try Littlewoods Instead - Read More - posted by Hottest Offers on Jun 22nd 2010 23:03
Girl s Aloud’s Kimberley Walsh has been busy promoting a Sky documentary about the history and evolution of jeans. The programme which aired on Monday followed the singer as she travelled across America and Europe meeting designers, visiting factories and denim fashion houses.

The most interesting thing about this programme was the segments on finding the perfect pair of jeans. Despite having a more sizeable budget than most, the pop star told TV presenters Holly and Phillip dur....
- How to Find Cheaper Properties - Read More - posted by Hottest Offers on Jun 20th 2010 00:15
The housing market has battled its way through the recession from late 2008 up until early 2010. The market is still not on its way to prosperity but in the last few months we have seen an increase in houses being put up for sale.  No doubt one of the major reasons that the extra increase has come about is due to the removal of Home Information Pack (HIP) by the conservative government.

Speak to a Mortgage advisor first

Before you enter the premises of an estate agent....

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