Housing Market Recovering To Help Mortgage Deals

The housing market has shown signs of improvement in recent months and a consensus

taken by a leading company shows that house prices are now only 6.7% below the peak prices of 2007. This is a remarkable recovery and one that may entice homeowners to kick-start those plans to move again. In turn this will also help the mortgage market and customers can start to think about the types of mortgages that they can apply for.

The house prices has had a direct effect on the number of mortgage available to customers as the low point of July 2009 where only 2,177 mortgage were available has been suitably improved as the 3,000 mark was passed in June 2010. The credit crunch affected the mortgage market more than most other markets but we are seeing a steady improvement, despite figures still being considerably lower than the peak of June 2007 where over 25,000 mortgages were available to homeowners.

For those looking for the right mortgage deal, they need to look at their circumstances and look at the type of mortgage that matches it. Mortgage repayments are extremely important to meet so ensuring that you will be able to meet them is your primary concern. There are several different types of mortgage available on the market nowadays and choosing the right one is not always the easiest thing to do.

There is also good news for first time buyers as some lenders have reintroduced smaller deposit mortgages such as 85% and 90% mortgages which should help first time buyers when they come to look for the right deal for them. For many people that are looking for the right mortgage, being preapproved for a mortgage is a great idea as this allows them to focus on the homes that match the value of the mortgage.

First time buyer mortgages are set to increase and new housing Minister, Grant Sharp, has promised to make more houses available for those looking to make their first steps on to the housing market. The mortgage and housing markets are starting to improve and each month there seems to be a steady improvement on the previous month. Whether you live in the North or South, the right advice is available for you from whole of market mortgage brokers who have the ability to search the market for a range of deals.

by: Jamie Francis

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