In case you didn’t know it yet, the housing market is climbing again. The main reason for this is Greece – the uncertainty over there has banks jittery and they are very reluctant to lend. In fact, the lending process is now so rigorous that few are making it through. What is worrying is that this is a trend that is expected to remain or even climb higher in the foreseeable future. What this means for those who have mortgages or are looking to get one is that the time to act is now.
The first thing that you may want to do is look at how much you are paying now. For those on variable interest mortgages, you may want to talk to your lender and find out whether you can change to a fixed interest mortgage – it may save you a lot of money over the years. The naysayers will tell you that this is not a healthy approach, that interest rates will soon be falling – after all, the Greek situation seems to be under control. That is simply not true. All Greece was offered was another bailout and a stricter set of rules. There is no way of knowing whether they will follow those rules and whether at the end of the current cycle, they will be able to pay back what they owe. This means that mortgages will continue to see higher and higher interests until the situation is properly sorted which could take years.
As a layman, you may not have the time or the inclination to keep your eyes on the market and determine what you should be doing about your mortgage but you can hire a mortgage consulting company such as Mortgage Advice Services. They have been providing mortgage advice for years and they can help you find a mortgage deal that is suitable for you. Their specialty is finding the best mortgage interest rates for their clients. They are able to do this because they have worked with most of the lenders in the UK and they know which ones offer the best deals.
If you are looking to take out a mortgage we will help you find a mortgage that you can afford. Our process is a simple one – we only require you to go online and fill in a form for a free quote.
You can find out more by calling them on 01332 257 087 or visiting their website, http://www.mortgageadviceservices.co.ukLabels: interest rates, mortgage advice, mortgages