Mortgage News Mortgage Confidence Grows At Moneysupermarketcom 18469865
Mortgage confidence grows at moneysupermarket.com
10 September 2009 / by Andy Davies
Confidence in the housing market appears to be growing as figures by moneysupermarket.com show an increase in the number of people looking to move house.
The price comparison site’s research indicates that the proportion of people seeking mortgages to purchase a property now outweighs those who are looking to remortgage their existing homes.
Since January 2009, internet searches for mortgages to purchase a property through moneysupermarket.com have increased by a fifth to around 47 per cent, while in the same period remortgage searches fell by a third to around 43 per cent at the end of August.
Hannah-Mercedes Skenfield, mortgage spokesperson at moneysupermarket.com, believes the rise in consumer confidence could be down to the fact that housing prices have begun to stabilise and because of an influx in first time buyers.
She said: “First time buyers who have saved a deposit and home owners looking to step up the housing ladder may therefore be looking to take advantage of the current low price environment with a view that prices cannot fall any further.”
According to moneysupermarket.com, the reduction in remortgage traffic could be attributed to home owners, who had in the past looked to remortgage on to a better deal, but found that reverting to the standard variable rate of their current deal could actually be more cost effective in the short-term.
For people looking to get a mortgage, Ms Skenfield believes there are some encouraging signs from lenders, she adds: “HSBC has just broken the two per cent rate barrier with its new range of discount mortgages available to all with a big deposit.
“Although many other lenders have barely recognized the dramatic fall in base rates and have kept their mortgage deals relatively expensive there are some good deals to be had, so consumers should make sure they shop around to get them.”
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