Tuesday, July 19, 2011
Category:
Home Improvements
According to moneysupermarket.com, ‘first time buyers and borrowers with smaller deposits are enjoying the first signs of recovery in the UK mortgage market’. Findings have shown that those who have a ten percent deposit now have access to the greatest number of mortgage products since November 2008.
It has been revealed that the number of mortgage products at 90 percent loan to value has risen to 312 since June, which marks a 17 percent increase. According to the comparison website, there haven’t been more than 300 mortgage products on the market since November 2008. At that time, the Bank of England base rate reportedly stood at 4.5 percent and the credit crunch was beginning to have a significant impact on mortgage lending.
In addition to the increase in the number of mortgage products available, findings have shown that there has been a reduction in the average rate on 90 percent of mortgages. In fact, in the last twelve months, the average rate on fixed rate mortgages has reportedly fallen by 0.53 percent, to 5.87 percent this month. Furthermore, it has been revealed that since last month there has been a 0.17 percent reduction. It has been pointed out that tracker mortgages are now more expensive, at 90 percent, than they were this time last year but the average rate now stands at 5.5 percent. This marks a 0.22 percent fall since June.
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New homeowners, who have recently purchased their very first property but do not have the funds available to make repairs or to put their personal stamp on it, could consider taking out a secured homeowner loan. One of many finance options available, secured
homeowner loans can make it possible for borrowers to embark upon projects in and around their property, which they may not otherwise be able to afford. For example, borrowers could completely redecorate and refurbish a new house to transform it into their ideal home.
