Home loan changes not the best for buyers
Those considering whether to move home or improve their current property may be helped by a recent statement from a housing finance expert.
A number of changes have take place in the residential loans market of late – and not all to the benefit of potential buyers, according to MoneySupermarket head of mortgages Louise Cumming.
She noted Halifax, Abbey, Cheltenham & Gloucester and Chelsea Building Society have or are about to increase their rates.
The expert gave an example of the Principality Building Society, which has put up the price of its ten-year product from 5.19 per cent to 5.39 per cent.
She said: "The watchword here is speed, as the best deals will disappear quickly."
With this in mind, some homeowners may decide to improve, rather than move.
The average perceived value added to a residence by building a conservatory, loft conversion or extension is £21,207, according to recent statistics from Halifax.