Mortgages - Time to Shop Around

Mortgages are at an all time high – the cost of a home loan is the highest it’s been in seven years, which is why you need to shop around.

Yes we may be facing a property slump but there are many reasons why you may still be in need of competitive mortgages in 2008. Many canny homeowners will want to take advantage of the plummeting prices by up-grading to a bigger or better property and will need to get another mortgage or remortgage. First time buyers have never been in a better position in the past decade and mortgages for first time buyers could be in high demand. Property investors looking for mortgages to snap up the repossessed homes up for auction will also be on the look out for mortgages.

Buy mortgages – beat the slump

So a housing slump can be great news for those who have mortgages in place. The problem is during the slump and general economic gloom it will be harder securing mortgages then ever before. The past decade was about easy credit - you could walk into any high street bank or building society and walk out with mortgages of up to five times your salary. Those days are over. Now many mainstream lenders will demand a whopping deposit before even thinking of lending you a home loan.

Mortgages through a broker

It would however be crazy to turn your back on a property bargain because you were struggling to get your hands on a mortgage that a few months ago would have been fervently flogged to you. The banks are strict on lending as they feel the impact of a shaky economy – they won’t want to take risks giving mortgages to people with no proof of income, with a bad credit record or without a hefty deposit. But it is still possible to shop around for mortgages using a specialist mortgage broker who can still find the most competitive deals available.

Shop around for competitive mortgages

It’s important you shop around for mortgages so that you can take advantage of the property plummet. But the typical cost of mortgages from high street or mainstream banks and building societies have soared to a seven year high, with some families and homeowners currently facing mortgage repayments that are 20% higher than just two years ago. This is not a good situation if you were hoping to make money from your property or if you’re already struggling with debt. If you’re a first time buyer, to avoid finding yourself in a similar position, make sure you shop around for mortgages that offer competitive rates.

Beat the mortgage blues with Homebank
If you are looking for a new mortgage, let the experts save you time and money by finding the right mortgage for you.

Homebank have qualified mortgage consultants ready to advise you with all your mortgage and insurance needs. For informative, insightful mortgage advice, call us to arrange a no-obligation appointment to suit you.

Homebank are the “people’s mortgage broker”, with thousands of mortgage products to choose from, including some that are not readily available on the High Street. Homebank’s experienced consultants could find the ideal mortgage for you. Call Homebank now, free, on 0800 052 3604.