‘Seconds’ alleviate strain of home prices tripling in thirteen years

Posted 2007-11-1

Research provided by Hometrack has shown that house prices have generally tripled in the UK since 1994. Additionally, the purchase of a house can be more expensive than the property itself. 

The news is served-up with a double edge however; given that purchasing a home has clearly come at a higher price, but with the good news that homeowner loans are also available in greater amounts than was previously possible.

For homeowners who are resourceful with the funds attainable, the money obtained from home loans can go further in covering all associated expenses. 

Some of the expenditures associated with purchasing a property have been outlined by the Association of Residential Lettings agents; noting that legal fees and the cost of furnishings increase the amount needed to purchase a property, including assertions made by Malcolm Harrison, that transaction fees, stamp duties, and solicitor’s costs can also increase the bottom line.

’Maintenance and upgrade expenses’ can also add to the pull on homeowners’ personal finances, he added.

For homeowners whose mortgage dollars neglect to cover all associated costs, a secured home loan, called a “second charge” could alleviate the over-all financial strain, and be repaid over a fixed schedule of time.

Leave a Reply