Personal factors 'should take priority' for mortgage holders

Posted: 13 Jul 2010 11:40:31 GMT

Mortgage customers should be more concerned with their individual circumstances than the wider economy, an expert has argued.

Director of Mouseprice.com Selwyn Lim highlighted the importance of making decisions based on specific factors.

It came after Halifax revealed a decline in prices for June, although Mr Lim noted that movements over a period of at least three months are generally more representative than short-term findings.

And while the last quarter has shown the market to be weakening, he suggested those hoping to get on the property ladder may not necessarily be benefiting, as lenders remain reluctant to provide finance.

"Mortgage availability is still an issue, so while mortgage rates are not so high, it is useless if you cannot get a mortgage," Mr Lim remarked.

The Halifax house price index showed a decline of 0.6 per cent for June, which followed a 0.5 per cent dip in the previous month.


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