Mortgages Slow Down But Borrowing Reflects Confidence
Despite mortgage numbers falling, levels of consumer credit stays strong.
The number of mortgage approvals in September was 66,232, a decrease on the previous month, and July’s 6 month high of 69,360. There was also a slight drop in the growth of borrowing in September. This fell from 10% in August to 9.9% in September. There was however, an increase in net unsecured consumer credit; this increased by £1.6bn, which was above the average of the previous few months, and above the expectations of economists.
The slower housing sales could be as a result of “weakened consumer purchasing power” due to lower real wages and the risk of higher interest rates. More on the housing market can be found on the Telegraph website.
Taking the first step towards buying a home in Dronfield is an exciting life event, but it can also feel daunting without the right guidance. Understanding the stages of the mortgage and home-buying journey will help you move forward with confidence.
This article sets out the key steps first time buyers in Dronfield will go through, and explains how working with a local mortgage advisor, like Charles James, can make the whole process much smoother.
At the moment, those who are looking to purchase property are not obligated to pay an extra lump sum of fees thanks to the government’s stamp duty holiday.
We understand mortgages can be a confusing topic. If you're a first-time buyer, it's important you have a clear understanding of mortgages and your options before you buy your first home.
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