Affordable homes are available more than ever.
And some great fixed rate deals and high loan to value mortgages available mean it really is the time for buyers - particularly first timers - to make a move.
That's the encouraging message from Your Move Matthews, following reports that mortgage payments now account for less than 28% of a new borrower's average disposable income - the lowest level since 1999 - and nearly half the amount payable just four years ago.
The improvement in affordability comes as competition among lenders escalates bringing an increasing number of highly attractive low rate mortgage deals to the market which have effectively halved the amount of mortgage interest payable since 2007. Interest rates are now very low compared to nearly 6% four years ago.
Only recently Your Move reported a 32% increase in the number of high 'loan to value' mortgages taken out by its customers, many of whom were first time buyers who previously struggled to enter the property market.
Recent news from the National Association of Estate Agents (NAEA) and Your Move's parent company, LSL Property Services plc adds to the more positive market outlook.
Abaigeal Wallace, mortgage advisor of Your Move Matthews in Allerton, says: "With every likelihood that interest rates could continue to hold at 0.5% for the foreseeable future, lenders are competing for borrowers and coming up with some great mortgage deals which buyers are taking advantage of.
"For first time buyers, particularly those who can provide a high deposit, the market is also very favourable. Many who thought renting, and the prospect of paying ever increasing rental payments, was the only option now have the chance to buy and, as recent reports confirm, could place them in a financially better position in the longer term.
"House prices too are beginning to stabilise which should also be of encouragement to sellers."
ADVICE: Abaigeal Wallace from Your Move Matthews
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|Publication:||Liverpool Echo (Liverpool, England)|
|Date:||Oct 22, 2011|
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