Looking at activity in the housing market the Ntionwide Building Society sees that the most popular type of property for a first time buyer is the traditional terraced house.
Figures show that approximately 38 percent of people looking to get on the property ladder go for a terraced house, preferring these over other types of accommodation. In the housing market as a whole just over 25 percent of houses bought are terraced so the preference for terraced houses for first time buyers is considerable.
Logically it makes sense that this is the case since terraced properties tend to be both smaller and less expensive to buy than larger places. This means they can be better suited to a first time buyers requirements and also easier to get a mortgage for since the cost is less. The Nationwide Building Society has seen that prices for terraced houses are rising quickly though.
For the third month in a row the Abbey National Mortgage Index has shown a rise in the appeal of five year fixed rate mortgages to consumers.
From the survey carried out by the Abbey National there has been a 6 percent increase in those ready to go for a five year fixed rate mortgage if they were remortgaging tomorrow. The figure stands at 30 percent this month, compared with 24 percent and 12 percent in the two months previously.
A lot of the interest in these mortgages will be coming from those with existing fixed rate deals that are set to expire say the Abbey National. Having already enjoyed the security of a fixed rate mortgage these customers will take another one given the opportunity.
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New mortgage customers at the Halifax will have to pay a little more for their home loans from today if they are taking out a tracker or fixed rate mortgage product.
The Halifax tracker mortgage rate goes up to 6.29 percent from 5.99, which is 1.29 percent above the base rate set by the Bank of England. Meanwhile the three year fixed rate mortgage offer rises to 6.44 percent, up from 6.22. A Halifax spokesman clarified that the increases will apply to just 5 of the 32 different tracker mortgages they offer and 19 of the 31 different fixed rate mortgages provided.
In that context then there are still many opportunities to avoid paying the extra interest, though of course the Halifax mortgage products that have been selected are the ones that will be the most popular.
