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Fixed-rate Mortgage Payers May See Trouble In 2007
By Elisha
We're nearly halfway through the year 2007 and the UK property market remains strong, as property prices continue their buoyant upward trend. This constant rise has also seen an increase in the number of mortgages in the UK - and Nationwide, the UK's largest building society, has just reported a 92.7 per cent rise in net annual lending – increasing to £10.6 billion.
However, despite the upward trend in the sector, the building society also claims that the recent increase in the Bank of England base rate has meant that fixed-rate borrowers could start to feel the pinch when it comes to renewing their loan. Nationwide envisage that the four rises in interest rates that have occurred since August 2006 will mean that the UK housing market will likely see a "cooling" period in the second half of 2006.
Essentially, homeowners who have taken out a fixed-rate in the past few years will have become used to paying a certain amount towards their repayments on a regular basis. But, when renewing their loan, the steep rise in the interest rate will mean that their repayments are likely to increase dramatically - a factor that is likely to affect their personal finances in a significant way.
Graham Beale, chief executive of Nationwide, commented:
"A very high percentage of borrowers have fixed-rate mortgages, which were the most popular product two years ago and so they have been desensitised to rising interest rates. They will face quite a big hike in repayments in one go."
According to Nationwide, fixed-rate mortgages are one of the most popular types of mortgages with new customers - accounting for 80 per cent of all new business.
If you're looking for a new for a UK property, don't let the recent hikes in the Bank of England base rate put you off buying the house of your dreams. The expansion of the market in recent years has meant that the diversity of mortgages on offer for new and existing homeowners is vast, so you're sure to find a
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mortgage that will suit both your personal and financial circumstances.
A simple web search for UK mortgages, for instance, will provide you with access to a variety of consumer comparison sites that will allow you to compare mortgages across the market. If you're a first-time buyer, you'll be able to find mortgages that are tailor-made to your specific needs as a new homeowner. Alternatively, if you're in the middle of a divorce and are looking for a new mortgage, you'll be able to find divorce mortgages to suit your particular financial requirements. The sophistication of the UK market means that, no matter your personal situation, you'll be able to find a to meet your needs - as well as comprehensive way to tackle those hefty base rate rises.
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