Finance and Credit Professional

Reports have been bandied about in the press recently of the impending credit crunch that is expected to hit the US and will be swiftly followed the UK. Mortgage brokers are enjoying being inundated with home owners and buyers looking for the best information.

Financial institutions are doing what they can to counteract the possibility of a credit crisis with the main concern being interest rates. The Bank of England's Monetary Policy Committee has cut the base rate by 0.25%. It may not sound much but it is enough to help restore some confidence in the market.

A mortgage broker will offer advice to current home owners to use the savings afforded by this drop in interest rates to pay back into their mortgage and lower the whole life time. On a 100,000 pounds mortgage, a 0.25% cut in interest rates could mean your mortgage being paid off 15 months early if the savings are ploughed back into it.

For anyone in doubt when it comes to financial matters, a mortgage broker is always a good option. They will be able to advice on all types of mortgages to suit your budget and circumstances. It is a fact that a large proportion of house sale enquiries have been made by first time buyers of late, who have had their confidence boosted by the drop in interest rates and who have had the financial sense to consult a mortgage broker.

With interest rates at their lowest levels in just over a year, it's now a good time to get on the property ladder. A mortgage broker can advice on whether the rates are likely to increase or decrease in the near future with their inside knowledge.

Staying with the theme of first time buyers, new build houses are a sound investment as your mortgage broker will reassure you. New houses are built with much better energy efficiency than old houses, thus giving you long term savings.

They are also designed with our modern lifestyles in mind. With the contemporary look that everybody is striving for these days, you are more likely to get a simply designed house that has better use made of the space than an older style house.

Older style houses appeal to many people for comfort but for the younger generation, thinking of our hectic lifestyles with families, work commitments and relatives spread far and wide across the country, a simple home life is essential. It is the new build house that is more likely to be open plan. Buy an old house with separate dining room and you are likely paying out for a room that will hardly ever get used.

En-suites are virtually expected in new build houses and this is a god send when you are contending with a young family early in the morning, as is a utility room.

Looking at the prospect of these home owners being able to sell on in the future, you are much more likely to have success in this field with a new build house as opposed to an older house. It is easier to see the new build as a blank canvas to make your own mark on rather than all the changes that an old house would take to make it your own home.

Despite a slowdown in the property market towards the end of 2007, it would seem things are definitely picking up and now is the time to snap up a bargain.

About The Author :

Property expert Catherine Harvey looks at the housing market and how a mortgage broker can advice on the best way to invest. To find out more please visit http://www.pennypeople.co.uk/

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