Mortgage News
"First-time sellers paying more for mortgages"
Many people believe that a successful first step onto the property ladder will mean an end to financial stress. However, new figures reveal that people purchasing their second property will pay an average of £200 per month on mortgage repayments . The findings, according to First Active and Datamonitor, affect four out of every five first-time sellers. 30 per cent were found to pay over £200 per month.
Once this figure has been totalled up to include second-time buyers from across the country, it accounts for an extra £400 million spend. This extra spend means that the remortgage market is thriving, with numerous competitive deals aimed at first-time sellers looking for a new home .
Many first-time sellers (60 per cent) change their mortgage provider when moving home . Almost 40 per cent research their remortgage themselves. The remaining 60 per cent rely on mortgage brokers and financial advisers. An expert from First Active reportedly said that "This report is one of the first of its kind on the first-time seller market, and it is encouraging to see that four in ten first time sellers are researching the market themselves to make sure they get the best deal. Selling a property for the first time is a big move, so it's important that people also seek professional advice where they can."
Source: Mortgages.co.uk
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© 2008 Michael J Alexander
Your home may be repossessed if you do not keep up repayments on your mortgage. Written quotations compliant with the Mortgage Conduct of Business (MCOB).
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