Why Do You Need A New Mortgage?

» Click here for the original article

Many people move house for many different reasons, but one thing is common in all their attempts and that's a new mortgage – whatever the reason for a move, everyone needs some professional advice when it comes to their mortgage.

According to the National Association of Estate Agents, one of the main reasons people are currently moving is to be able to purchase larger property – it says the housing slump is easing as more people scale up. This is great news, but further proof that people need a mortgage adviser to aid them in their property market adventures because scaling up means a bigger mortgage and new, bigger responsibilities.

While three quarters of people say the main reason to move is upscaling, there are always other reasons to seek a new home. The NAEA found that the factors in moving house included divorce, debt, a family death and a new job. All of these scenarios have their own financial challenges, so seeking out a good mortgage adviser when you are planning to move is always a good idea.

Peter Bolton King, chief executive of the NAEA says: "The fact that there has been an increase in the number of people moving to a larger property suggests the UK is slowly emerging from the economic downturn. This may also be attributed to increased mortgage availability which is encouraging news for the property industry."

So whatever your reason, speak to a mortgage adviser about your move.

SOURCE: NAEA, 01/04/10

To keep up with the latest news and comments on the mortgage market please visit the Mortgage Broker Blog.