The fourth article on my series about new home-buyers is about a guy named Bhanu who bought a flat in East London, UK, and the ups and downs he experienced while dealing with the British system:
A few signatures later, Bhanu had officially landed himself a mortgage. It took exactly two weeks for the process to begin and conclude. His mortgage providers made him the offer, accepted his application, transferred the money, and the deal was done. The paperwork and legal jargon were daunting, but clearly not insurmountable. And at the time, getting a fixed mortgage at 5.99% was a smart idea. Now that we’re in this huge economic downturn, the interest rate has dramatically fallen and Bhanu is kicking himself a bit. But how could he have known?
Click here to read the whole article, another will be posting every Thursday morning at FourStory.org.