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Thanks To The Rise In Property Prices Mortgages And Remortgags Are Increasing

Mortgagegs and remortgages have been at their lowest ebb of popularity since the recession and more than ever previously.

The price of properties fell over the last two years, and coupled with massive redundancies throughout the UK fewer were buying properties either as first time buyers or home movers

Now that property prices are rising and in fact in November records showed that that was the seventh month in a row that prices had risen, more people now feel that there is hope in the economic future of the country in general and as a result they are feeling confident enough to buy a property.

Of course a mortgage is necessary to purchase a property as few have th ready funds to buy out right, and a rise in property prices will automatically lead to a rise in mortgage applications.

House prices in November were the best since August last year with the average home in the UK now costing just under £163,000.

House prices actually started to stabilise in April, and there has not been a fall since that month.

Although October and November prices only rose by half of a percent which is in fact the lowest rate since April when falls in house prices ceased.

House prices are now 2.7% higher that at the same time last year, and demand from people seeking a mortgage has risen accordingly..

Mortgage approvals for those wanting to buy a home rose in October to 57,345 making it the eleventh consecutive rise.

The housing market has made substantial steps to revcovery during the course of 2009, and house prices have been helped by a shortage of properties for sale.

This is all good news for the mortgage market but what will happen in the remortgage market still remains to be seen.

Remortgages have declined over the course of the last two odd years, but remortgages should also be given a helping hand with the improvement in property prices.

Until the credit crunch mny homeowners chose to remortgage with a different mortgage lender as it was the best way to get a cheaper deal.

However the best remortgage interest rates are reserved for homeowners with a lot of equity on their property and the fall in house prices meant that fewer would be eligible for these low rates.

The current on going rise in property prices will now however lead to more homeowners being in the frame for a low rate when he remortgages.

Over the last two years many stayed with their current lender and went on to their standard variable rate as that was the cheapest option.

As property prices have gone up many will have bett er equity in their homes, and changing their mortgage provider will now be the better choice to obtain a lower rate for a remortgage.

One lender, namely The Woolwich grants a tracker mortgage and remortgage at 1.99% for homeowners who have a minimum deposit of 40% and the Alliance and Leicester has a tracker at 1.At a maximum LTV an interest rate of 1.99% is available.

The rise in property prices will correspondingly cause a rise in mortgages and remortgages.

About Author Liz Moir :

Having been establishd for more than a quarter of a century, Champion Finance are experts in all fields of home loan products.They arrange secured loans for all purposes including debt consolidation, etc.Whole of the market mortgages and remortgages both tracker and fixed are alsoavilable. Debt help and debt advice also arranged to help their clients sort out their debt problems. <a href="" target="_blank"></a>

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Article Added on Wednesday, June 16, 2010
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