I started writing about this mortgage bonds offers a short while ago, how banks slowly and surely are taking back the excessive gearing offers for property finance.

Next in turn is Nebank. No more 108% mortgage bond, it is now discontinued

And it always come with more as they say....

Now also the first time buyer offer has gone down to 750,000 (excluding costs) and capitalised option now maximised at 104% Loan To Value (LTV) ratio.

But as usual there is even more......

Also the Initial Payment Holiday option is discontinued.

Ah well, though in the current market it is not surprising and if it goes south further, even these offers will probably go even more south.

But I still believe that first home owners, should have more opportunity now to buy bargains, unfortunately if they didn’t save a lot to put money in the property if the mortgage bonds are not as attractive as in boom market, they won’t be able to buy right now, when the bargains are getting more visible by the day.

Maybe this is a lesson for the next down-turn in property finance.

If you want a fancy and cheap house, save for the next cycle. Then you will be able to buy cheap but you will have to put something in it as you won’t get the wonderfull bond offers from banks in such market conditions.

May last post about this was about No More 108% Mortage Bonds for First Time Buyers .

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Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved.