Is Now the Right Time to Step On To the Property Ladder

Many of us who are thinking about buying their first home do have a lot of concerns before they take that step on the property ladder. With house prices plummeting over the last year many have seen thousands of pounds come off the value of their home. Unfortunately house prices are still dropping in some areas due to the mortgage market not yet on the road to recovery. That was a rather gloomy look at the housing market. The good news is that while we can think about the unfortunate people who bought their home in the last two years who have lost out and quite possible are one of the many finding themselves in negative equity, things aren’t going to get much worse and a recovery is on the cards. The Bank of England base rate is at a historic low of only half a percent and the experts have said it won’t drop any further as there wouldn’t be any benefit and it is great for encouraging people to save. Many have decided to take the opportunity to buy a home now as although house prices many drop a little further the base rate will likely rise again sometime this year. Fixed rate mortgages are going to rise and the costs for lenders are becoming more expensive so it looks like the advice would be to arrange a mortgage sooner rather than later. The benefit of locking yourself into a fixed term over a couple of years now means when the base rate rises again you will likely more than save in monthly repayments and for those that like the safety of knowing what their monthly payments will be each and every month can have that piece of mind and avoid uncertainty. To get individual tailored advice for you ask an independent body such as government agencies if you want more advice on mortgage products, you can also check out websites which often have helpful communities. Mortgage brokers in your local community are experts in the market you want to buy and overall mortgage brokers will be able to search around to find you the best deals. So whatever you are looking for a mortgage Falkirk in Scotland or London, England, a mortgage broker can be very beneficial.

About the Author:

Chris Borthwick writes articles covering a broad range of subjects. His main area of expertise is mortgage advice and writes many articles on mortgages for finance industry, mortgage brokers and for the general public. Most recent articles detailed the benefits of a fee free mortgage broker.

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