Halifax witness a dip in house prices
During the start of October, Halifax witnessed that house prices
fell during September period for the first time in nine months.
Anybody who purchased their dwellings over a year ago should
be, on average, greater off today compared to 1 year ago.
Nevertheless, looking at the site, first-time buyers, which completed
a 100 per cent mortgage, have a reason to be apprehensive. Figures
prove that around one in 20 first
time buyers take on this type
of mortgage deal to cover the full value of their home.
Head of personal finance, David Kuo commented: "Any borrowers
on a 100 per cent mortgage must need to be aware that stagnant
house prices may keep them shackled to their uncompetitive lender
and prisoners in their own home until house prices rise again.
"They should also overpay their mortgage as often as they can
afford. This will ensure that they are regularly chipping away
at their debt.
Mr Kuo added, 100% mortgage
deals are supposed to help first
time buyers get on to the property ladder, “but in a market
where house prices stagnate or fall, what providers give with
one hand may be taken back with the other when the mortgage deal
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