According to the Royal Institution of Chartered Surveyors’ house sales in the UK are set to rise. The next three months are looking positive for the UK housing market.
Rics have predicted a rise in UK house sales and have put this down to the support for mortgage lending. In recent months the Bank of England have launched their Funding for Lending scheme which has worked to support the UK housing market and mortgage lending.
The scheme is designed to help lenders by making cheap funds of around £80bn available to mortgage lenders. The lenders are then required to lend money to both commercial and personal borrowers. By doing so they are helping to boost lending rates and making mortgages more readily available.
The rise in house sales is set to be the highest since May 2010. This is really positive news for those who are looking to purchase a property. A spokesperson for Rics has said, “Although we would caution against reading too much into this, there are some grounds for believing that activity could pick up over the coming months.”
If you are currently saving to buy a property then this will be good news for you. When looking to take out a mortgage it is important that you speak to an expert. Understanding the best mortgage rates for you and your financial affairs is essential.
If you are struggling to manage your current monthly budget, and are planning on purchasing a property, then you may wish to get some expert advice. There are many different ways to handle your debts and a debt management plan could help you to take more control of your finances.
Failure to keep up the repayments on your mortgage could result in repossession. That is why staying on top of your monthly repayments is key. But a better understanding of your finances will help you to keep on top of your budget and ensure that you maintain your repayments.
Here are a few tips to stay in control:
- Check your current direct debits to make sure you are not paying out for things you no longer use
- Try to reduce and limit any unnecessary spending
- Try to pay off your credit card as soon as you can
- Do not stretch yourself too far. If you feel your mortgage repayments could be more than you can afford then speak to an expert
- Shop around for a good savings account
- If you are struggling to pay off your debts speak to a debt management company
There is no need to suffer in silence. Always speak to an expert and get advice on your financial matters. It could help to save you money and protect you from further debts.