Expert: People with mortgages should only concentrate on themselves

An expert has said that people with mortgages should focus primarily on their own finances

, not the wider economy.

An expert has told people currently searching for mortgages or home credit deals to ignore the wider implications of falling house prices in the UK and instead concentrate on their own circumstances.

According to Halifax's house price index - which was released on July 8th - the cost of an average house in Britain dropped by 0.6 per cent throughout the duration of June following a similar decrease of 0.5 per cent one month previously.

However, despite these recent drops, Halifax data shows that house prices in June remained 6.3 per cent higher when measured year-on-year with the corresponding average for the latest three months against the same period in 2009.

This is lower than the 6.9 per cent hike seen in May, but still appears to show that people looking to gain a mortgage in the aftermath of the global economic downturn may be doing so in a market healthier than it has been in the recent past.

Meanwhile, during separate research, the lender also discovered that the cost of owning and running a home - including expenses such as mortgages and home insurance - has fallen by six per cent since the onset of the recession.

And Selwyn Lym, director of mouseprice.com, has commented that people should not be overly "hung up" with what is going on in the wider economy as personal financial decisions should be taken on their own individual merits.

"They [consumers] should always be making decisions based on factors that are specific to them," the professional said.

He went on to explain that the Halifax index is "very volatile" in so far as it does not completely comply with governmental guidance which insists that judgements on the health of the country's mortgage market should be made on a quarterly, rather than monthly, basis.

Expert: People with mortgages should only concentrate on themselves

By: Sam Gooch

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