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Mortgage taps are turned on

Finance should no longer be a problem for anyone looking to buy a new property

2 February 2011

FINANCE should no longer be a problem for anyone looking to buy a new property, providing they have all their details in order.

Mortgages are becoming more freely available, despite low interest rates. Finance brokers Empruntis say it is possible to get a fixed 3.4 per cent mortgage rate over 15 years and 3.55 per cent over 20 years “with a beau dossier”.

The changes have come as the banks have started to free up credit with the easing of the financial crisis and is a welcome boost for people who had plans disrupted by the restrictions.

Empruntis spokeswoman Mael Bernier said that there was even competition between the banks again and it was possible to get a loan with just a 10 per cent deposit, or even no deposit at all, as long as their financial situation was otherwise solid.

Borrowers were also now looking to renegotiate their credit, said Cafpi finance network chief Philippe Taboré and, if they could not get what they wanted, were confident enough to take their business elsewhere.

Empruntis said 45 per cent of the demand for credit was from people looking to refinance away from high-cost loans and said anyone with a mortgage dating from 2007-09 should take financial advice.

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