Homeowners find new mortgage deals difficult to obtain
Many homeowners are finding it difficult to obtain mortgage deals and this has been the case since the average property value rose by 1.85 per cent during 2007. Moneyextra.com analysed and brought together new data.
The amount which borrowers were thinking of taking on in a mortgage has in fact decreased to an average of £137,764, December 2007. It has only caused it more difficult for first time buyers to get on to the property ladder. This sector showed the greatest gain in average property values, increasing 4.31 per cent to £190,040 towards December 2007.
Senior Editor at Moneyextra.com, Robin Amlôt commented: “It’s now clear that the housing market has slammed on the brakes, the most optimistic outlook for house prices for 2008 would appear to be that they’ll stand still but values are falling now and are likely to continue to do so.”
“The bubble had to burst at some point and provided borrowers can maintain their mortgage payments, which should get easier to do with interest rates expected to fall further this year.”
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