06/02/2008
Signs of a cooling market still prevail. Rightmove, the homes search website, reveals that house prices slipped 0.8% in January, following a 3.2% fall in December. Nevertheless both Nationwide and Halifax are predicting steady house prices overall during 2008 with some regional variations.
Bank of England figures show that mortgage approvals for house purchase totalled 73,000 in December compared to 81,000 in November. December was the lowest monthly figure since 1995.
That said, remortgage approvals increased slightly in December – up 1,000 from November to 97,000. Many consumers are coming to the end of initial fixed rates and discounted deals and may well see increasing monthly repayments.
It is important to seek professional mortgage advice and secure the best deal available in a changing mortgage market. This will minimise any “payment shock” with those doing nothing risking the interest rate on their mortgage reverting to standard variable rate .
Your home may be repossessed if you do not keep up repayments on your mortgage. Calls are recorded for training and monitoring purposes. Mortgages By Phone LImited is an appointed representative of Connells Limited who are authorised by the Financial Services Authority for the advertising and recommending of regulated mortgage and general insurance contracts.