Mortgage Applications and House Prices Drop
The mortgage market has been booming for quite some time now however more recently, the market has seen the rate of mortgage approvals drop for the seventh month in a row.
Mortgage lenders approved 64,645 home loans in April this year, the lowest monthly figure since September 2016. This is well below average forecasts and as a result house prices have been seen to lower slightly.
There has been a reduction in house prices amounting to 0.2% in the first quarter of this year. However, the amount of unsecured debt has risen by 10.3% in the last 12 months as consumers take advantage of low interest rates. It is believed that shoppers may be using cheap debts to finance rising costs.
Although there are rising prices, the economy is still in a very delicate position and to raise interest rates at this time may not be in the country’s best interests.
So, with all that in mind there really is no better time to look at remortgaging or taking the plunge and getting yourself on the property ladder for the first time. There are so many great mortgage deals available, there’s never been a better time to secure yourself a fantastic interest rate for the foreseeable future and this is where we come in.
We can help take the legwork out of finding you the best deal, we are whole of market and completely independent so the advice we give will be individual to you and we can help secure you the best deal. Ask us how! Give us a call on 03333 44 85 11 or complete the form below and we’ll get back to you as soon as we can.