Comparing Mortgages Over The Years

Comparing Mortgages over the years

by

Jamie Francis

With the housing market slowly recovering from the economic struggles that the UK went through, the state of the mortgage market is also continuing to recover. May figures show that the market is improving and that the month provided the highest level of loans approved by major banks this year with a total of 36,709 mortgage applications being approved. However, despite these impressive figures the rate of recovery is still relatively slow and the amount of completed sales has only risen by one thousand in comparison to the previous two months.

Things have changed in most markets but the housing and mortgage market felt the bite of the credit crunch more than any other industry. 3 years after the credit crunch hit, comparisons are being made between figures released in June 2007 and those that have been released for April 2010. When you compare the two months against each other you can see clearly how the market has changed over the last three years.

House prices is the first fact that sticks out where in June 2007 the average price of a UK home was 184,070 compared to the latest figures for April 2010 showing the average price for a UK home as 167,802 (a decrease of around 9%). The amount of transactions that took place is probably the clearest sign of a change within the market over the set period of time; in June 2007, 162,000 transactions were completed compared to just 72,000 in April of this year (a decrease of over 55%).

These changes in the market should not discourage homeowners though if they are thinking about moving homes or remortgaging as there are still some competitive mortgage quotes available on the market. What it does mean is that all customers have to plan carefully and seek advice from professionals who have a good understanding of the current market conditions. When you need advice you should turn to a whole of market broker as these types of companies have access to a range of deals from the leading providers and they will be able to offer you the best advice.

For first time buyers, this type of advice is priceless as finding a mortgage for first time buyers can be tricky if you do not know what is available. Being pre-approved for a mortgage is a good idea as this means you have a good idea of what you will be able to afford and it narrows down your search when you are looking for the ideal home for you and your family.

On the other hand, if you re thinking of remortgaging then it s imperative that you consult a whole of market mortgage broker who can provide you with access to a range of deals in the marketplace as opposed to limiting yourself to the select deals that your current lender has to offer.

If you are looking for a

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service then you can search online where the

best mortgage deals

are available.

Article Source:

ArticleRich.com