Mortgage Approvals And Gross Mortgage Borrowing Both Up In December
British house prices rose at a slower pace than expected in January after a fall in mortgage approvals the month before, although that momentum should pick up in 2016 as a whole.
As house prices climb and mortgage rates remain low, now is an excellent time to switch to a new mortgage deal. Those taking out a loan for a house purchase are in fact taking on increased levels of debt, however it is looking likely that there will be no interest rate rise in the near future, and this means the current low mortgage rates are likely to stick around for longer.
Rock bottom rates help to make the property market more accessible, and Government schemes for affordable housing will also help lower income buyers.