Mortgages Uncovered

The number of mortgages approved by banks for home buyers fell in August for the third month in a row.

Banks approved 31,767 home loans, the lowest number so far this year, down from 34,219 in July, the British Bankers’ Association (BBA) said.

The figures are another indication that the UK property market has reached a plateau.

Most surveys have shown that prices are no longer rising, while the number of completed sales also fell last month.

“Demand for mortgages continues to be weak despite more properties reportedly coming on to the market,” said David Dooks of the BBA.

Yes that is the question so many are asking them self’s statistics currently show that the majority of people renting are young professionals and students this could be just due to the contract length is ideal for their studies or the fact that it is less hassle for the young professionals

When deciding whether to buy or let you have to way up the pros and cons of each in the long run the money you spend on renting a place could of been used as a deposit for a house however if you are not in the financial position to do so you may be just better off renting for now.

This is a tough question however one in which many would like to know the answer to. There are thousands of people each day applying for mortgages with in the UK whether first time buyers or looking to add other properties to their list.

The best advice would be too look around and compare using the comparison sites and by browsing their sites looking for the best APR and repayment. It seems to be the big banks that many are going to these days such as:

· Abbey

· Alliance & Leicester

· HSBC

· Natwest

However there may be better lenders out there that will suit your needs.

Is now the best time to buy a house?

To be honest it is hard to think that there is ever a right time to buy a house you just have to go for it when it feels right. The reasons being are that no matter how much the house is going to cost it is going to be allot of money in which you may have had to get a loan out to help finances.

At the moment i feel that allot of people are scared to but the time just does not seen right and everywhere you look there are for sale signs up and people wish to sell but there is no one buying.

At the moment alot of young people are put off buying properties and this is due to the economic climate but also because they are not aware of the help that is out there for them.

Many young professionals tend to rent their own property and i know from experience that this is not cheap and some people could probably get a mortgage of the same in some cases.

The Government have done a few things to try and encourage first time buyers and i feel that not enough is done to make every one aware of these schemes.