Debt management could help mortgage seekers
Debt management could help mortgage seekers
Monday 14th December 2009
According to figures from the Council of Mortgage Lenders (CML), the number of home loans in the UK reached 55,000 in October, up nearly 100 per cent from its low point in January 2009.
Lenders have adapted to the current housing market by offering products tailored to first-time buyers, including mortgages with facilities for parents to help pay part of the initial deposit.
The CML says that borrowers are turning to tracker mortgages because they now have greater expectation that interest rates will stay at, or near, their current record low.
People who are struggling with debts who want to own their own home may find it difficult to get their foot on the property ladder.
Options such as debt management solutions and debt management plans can help people with debt regain their financial stability.
CML director general Michael Coogan said: "We are still in a two-speed mortgage market. It appears that low interest rates for those with substantial deposits, coupled with this year's sustained increases in house prices, are encouraging more people to buy or move home.
"But the same low interest rates that are driving house purchase activity provide little incentive for borrowers to refinance their loans."
Recently, house prices had risen for the fifth consecutive month. The average price of a home is now £167,664 according to new statistics from the Halifax.
News article brought to you by Debt1 – UK debt management specialists
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