After a number of years in a turbulent economic climate, we are starting to see signs of recovery in the housing and mortgage market.
According to figures from the Council of Mortgage Lenders, total mortgage lending in July this year has increased by 29% compared to the same period last year. This is great news, showing signs that the market is strengthening.
One particular area which has seen large growth is mortgage loans to first time buyers. This has reached a 5 and a half year high this year, hitting 25,000 mortgages to those buying their first home in May. This was a 42% increase on the year before.
As the market continues to grow, estate agents and lettings agents are extremely busy. Mortgages currently have competitive interest rates, so if you are looking to buy a new home or invest in another buy-to-let property, you could save money on their mortgage payments. A recent survey from Halifax has shown that mortgage repayments are the most affordable they have been for 14 years. Mortgage payments now represent 27% of the average income compared to 48% in 2007.
The number of mortgage products available has also increased to over 10,000 for the first time in 5 years. This means there is much more choice.
We can take the hassle out of finding a mortgage and can help find the best deal for you. We are able to provide a full advice service and guide you through the application process. There are many things to take into consideration when taking out a mortgage and thankfully we offer a full service, so please do not hesitate to contact us with any new enquiries. We will be happy to help.
Contact CLIFFTONS today on 01202 789699.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Posted: 31st August 2013