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4 swindonlink.com • December 2008
Recovery is possible - but prepare

Mansfield for pain in the next few months
Begbie Mike Rees of mortgage brokers Mansfield Begbie has been advertising
with Swindon Link for well over 20 years and says the present crisis
Associates Ltd in the housing market is the worst he has seen - but it will end.
In these difficult times, known ernment plans to help the market
now and in the future as the credit recover. This, along with the eco-
Providing mortgage services for the community since 1987 crunch, many people are worried at nomic situation in America settling
the press headlines on the falls in down (hopefully!) following the
Give the stock market, drop in property election and inauguration of Barack
values and the general gloomy Obama, should mean we will see a
economic climate, not only in the gradual recovery, but it’s not going
yourself UK, but worldwide. to be quick or easy. The cumulative
The collapse of the banks in effect of the over-borrowing and
America and the major problems poor decisions made on the world’s
here in the UK with HBOS, North- financial markets have still to be
a Gift ern Rock and others has added worked through.
Therefore, the general economic
to the gloom which seems to be
worse than at any other time I can forecast is that we should see a
remember and I have worked in gradual loosening of bank lending
review your mortgage the financial services and mortgage policies over the next 12 months
sector since 1983. We, as a company, which will hopefully attract those
before Christmas have received more phone calls in first time buyers back into the
the past few months from people market, along with the attractive
and you could be making wondering what they should do interest rates available at 3 per cent
to improve their position than at (Bank of England base rate at the
a saving for 2009 any other time since setting up in time of writing) or around 5 per
Swindon in 1987.
cent (mortgage lenders’ variable
The major problem with the hous- rate in the main).
We may be able to find you a lower interest rate. ing market at present is the lack of This is nowhere near the 15 per
You may have to pay an early repayment charge first time buyers, as without these, cent variable mortgage rates which
there is no market. This is mainly as were being offered in 1989/1990,
to your existing lender if you remortgage. a result of the tightening of lending when we experienced a similar fall
Whether you’re planning to move to a new policy by the banks who no longer in the housing market. This in itself
accept applications without, in should mean a slow, but positive,
house or to remortgage your property, with the main, having at least a 10 per move in the right direction.
over 21 years experience providing mort- cent deposit, and quite correctly in For those people who are coming
my opinion, ensuring all income to the end of a particular mortgage
gages in Swindon, Mansfield Begbie Associates sources are verified. rate deal and are concerned at the
aim to provide an excellent and personal service. Too many times in the past I have increase in payments they may
heard horror stories of borrowers face, the correct course of action
There may be a fee payable at completion who cannot prove their income is, as always, to look around the
for placing your mortgage. The precise amount being granted loans way above market for a better deal, taking
into account the fact that the low-
their affordable levels on a self-
will depend on your circumstances but the certification basis which inevitably est rates advertised are not always
maximum will be £300. ends in financial disaster. the best deals as the fees charged
Over the next few years, we by lenders have increased over the
However, no completion no fee. should see the effects of recent gov- last few years.

to all Link readers

Swindon Publications Ltd. advertising enquiries
Mansfield Begbie Associates arranges mortgages with 71 Basepoint, Rivermead Call (01793) 602540 or mail:
the majority of building societies and banks in the UK Swindon SN5 7EX [email protected]
For a free mortgage consultation and Tel: (01793) 608840 Closing date for January
further information, call us now. Fax: (01793) 608841 advertisements: 5 December
Your home may be repossessed if you e: [email protected]
do not keep up repayments on your mortgage www.swindonlink.com “The Link was first published for the West
Swindon Publisher/Editor: Roger Ogle It is completely independent of Link
Swindon community in December 1978.
Centre and, in fact, won a competition
772779 Editorial: Tel: (01793) 608840 to name the leisure centre in 1984.
Distribution in North Swindon

Editorial copy date
commenced in January 1994.”
Published: 1 January
e: [email protected] for January: 5 December The contents of The Link are protected
by copyright. Use of advertisements in
www.mansfieldbegbie.co.uk H0096015 Copy for Febuary: 5 January printed or electronic form is forbidden
unless an advertiser or publisher has
Mansfield Begbie Associates Limited is an appointed representative of Registered in England & Wales. No: 4513027. sought permission. Articles and
Registered Office: 130 High Street, Hungerford, Berks.
Legal & General Partnership Services Limited which is authorised and regulated by the Printed by pcp, Telford photographs require similar authority
Financial Services Authority for advising on and arranging mortgages and insurance
The Link cannot be held responsible for goods or services offered by its advertisers
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