Monday, January 30, 2012
Category:
Home Improvements
The Royal Bank of Scotland’s new quarterly Ability to Buy Index reportedly ‘paints a mixed picture’ for first time buyers in the UK.
It has been revealed that despite the fact that average mortgage payments have dropped to 2003 levels, it is currently harder for first time buyers to get on the property ladder than it was in 2009 during the recession.
According to the Royal Bank of Scotland, their new Ability to Buy Index provides the most realistic and accurate reflection of the squeeze that first time buyers are facing today. The index reportedly takes into account the effects of National Insurance, tax, earnings, the rising cost of living, interest rates and property prices.
Although mortgage payments are at their lowest for nearly ten years, findings have shown that rising living costs are proving challenging for people who want to get on the property ladder. Nevertheless, the Royal Bank of Scotland has highlighted that if earnings continue to rise and interest rates stay low, the fact that inflation is starting to fall should help to improve the situation for first time buyers.
……………………………………………………………………………………………….....
Homeowners who have recently purchased their first property and are looking to fund home improvements could consider taking out a secured loan. One of many finance options available,
secured loans can enable borrowers to embark upon an array of projects – whether they are required or simply desired. For example, borrowers could rectify any problem areas and then put their personal stamp on their new property by way of redecoration and refurbishment. Borrowers who would like a little extra living space could even choose to invest in a conservatory or extension.
