Norton Finance / Number of UK Homeowners Set to Fall

 

A recent report in the Guardian newspaper claimed that the UK mortgage market is ‘hardwired’ to undermine the population as a nation of homeowners. Despite a short-term boost to the housing market, research shows that by the end of the current decade only a third of young people will own and reside in their own homes. The 25-34 age bracket are the demographic who traditionally would be saving up for a deposit on their first home, yet the unavailability of mortgages coupled with increased rates and an unstable housing market has led to more and more people opting out of home ownership. The study, performed by the Intermediary Mortgage Lenders Association, or IMLA, says that this would place figures at just over half what they were back in 1993.

New government initiatives are beginning to ease funding constraints, but the availability of low deposit mortgages continues to be a problem. Chancellor George Osborne is set to add a couple of ‘sweeteners’ to the housing market in the form of the Bank of England’s funding for lending programme and his own help to buy scheme, yet economic studies suggest that these will certainly not work over the long-term, and perhaps not have much effect in the short term either. The future of the UK housing market remains uncertain, with more and more young couples and families being quite simply priced out of the game.

Norton LoansOlder homeowners are also affected by the fluctuating economy, with many considering taking out a re-mortgage or secured loan to pay for home improvements or holidays or to consolidate debt finding it difficult to source competitive rates. Companies such as Norton Finance offer a service which includes comparing rates of hundreds of re-mortgages on behalf of the customer in order to ensure that each individual is able to take advantage of the reasonably priced deals available. By utilising the services of Norton Loans, UK homeowners are able to release some or all of the equity in their homes to fund whatever they require whilst remaining assured that they are not paying over the odds.

Loan Options | Norton Finance

If you are seeking a loan of any size, for any purpose, it is vital that you make a fully informed decision before you proceed. It can be a huge decision, and certainly not one to be taken lightly; so do your research first.

Is your credit history sufficient to qualify for an unsecured loan? If you’re a property owner, would it be sensible to apply for a secured loan? If not, other options include logbook loans which are secured against your car, or asset finance loans secured against valuable possessions such as jewellery. Or you could opt for a guarantor loan, whereby you have a joint applicant who shares liability with you. Before applying, be aware that many brokers charge a fee for arranging a loan, and it might be best to go direct to a finance company.

Fixed term loans consist of an agreement over a predetermined period of monthly repayments, which you negotiate in the context of what is realistic for you. Interest rates are generally lower, but longer repayment plans eventually amount to more total interest paid. Flexible loans are becoming more common, allowing you to pay back the money at your leisure but usually incurring a higher interest rate as a result. There is also short term loans, which are small loans with a high interest rate intended for quick repayment.

Be wary of possible pitfalls. Free gifts offered by some brokers can be tempting but don’t be distracted from the fine print. Loan insurance can be a good way to protect yourself in the event of unemployment or ill-health, but you must carefully check the conditions and insurance payments. Debt consolidation is a subject that lenders frequently bring up, but be wary of this as it essentially replaces your current debts with a new one, and can sometimes cause you to end up paying more in the long term.

Choose the loan that’s right for you after thoroughly studying all of the terms and conditions. Scrutinise costs and the details of all factors of the loan before committing. If you have any doubts about an option you are considering, consult an experienced impartial adviser to ensure you are informed.

Norton Loans

 

Norton Finance holds more than 35 years of experience offering loans and re-mortgages. They offer a flexible service which allows them to help customers in various situations. Norton Loans recently moved to new offices in Rotherham, with new computer systems that have dramatically speeded up the loan process.