Historic low rate - The UK is "enjoying" (not a word I would use) the lowest interest rate in history as the Bank of England (BOE) cut the mortgages rate to just 0.5%. This move by the BOE is a vain attempt to stop the decline of consumer spending.
First time buyers - In any race the first past the line is usually declared the winner. In the housing market those first to make a move are known as First Time Buyers (FTB's). These group of people first past the line are the very bedrock of any housing market whether it be in the UK or on the planet Mars. Get FTB's on the property ladder and the rest of the market will follow.
It's no secret - The well known secret to a buoyant housing market is the number of First Time Buyers (FTB's) who are able to raise the cash for a mortgage. The mortgages rate is low but the lenders have all but stopped lending. If the lenders provide the facility to the FTB sector this permeates through the rest of the market.
False dawn - UK residents have come to expect the mortgage lenders to try every trick in the book to rip us off. Just when we thought they couldn't stoop any lower they give us hope that money will be available but it is just a false dawn. As the saying goes, "Show me the money."
Hardly rocket science is it? - When you go out to buy any product or service for that matter you need the means to buy it. You might have cash, credit card, debit card or you may want to pay for it by HP (Hire Purchase). The thing is you must be able to pay for it. We are not talking rocket science so the mortgage lenders have to get their act together and give consumers access to the lowest mortgages rate in history.
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