The Tough London Mortgage Market
By Nick Riviera

The property market in London is rather different compared with the rest of the country. There is super-prime category where homes go for two, three, four million or even more.

The average price of a home in Kensington and Chelsea now stands at 1,079,414, which is 14.6% higher than last year. Many people buying in super-prime south east probably don't need a locally arraned extensive lender deal as they are foreign buyers from the likes of Russia and the Middle East.

At the other end of the scale are boroughs like Barking and Dagenham where the average price of a property is 196,886 - way lower than the top end of the scale, but still just above the national average. In this borough the annual price increase to November 2007 was 11.4%.

Bexley is the next lowest region for average house prices at 228,372, with a rise of only 7.3% in the past year. There are, of course, a number of companies who specialise in this region. Some have a specific role to do so; some deal in mortgages all around the country.

It is very difficult for first-time buyers to get on the housing ladder down south, as even the lowest average priced region outstrips the average for the country. The credit crisis that has hit the whole world is making it harder to get mortgages around the whole country, and it is even harder in London where prices are higher. The best way for would-be first-time buyers to get a mortgage is to talk to brokers and advisors who have access to the whole market and can match deals in London to people's individual circumstances.
A mortgage broker is really essential in the current mortgage climate. There have been a rising number of repossessions in Britain in 2007. Mortgage brokers have the skills required to ensure that borrowers get the right deal for them - not for the mortgage company. In the current difficult financial world it is crucial to get independent advice.

London house buyers in particular need the best possible independent mortgage advice with the high relative prices in the capital. You need to look for a mortgage broker who will be on your side, and look for the best deal for you. You need someone to help you cut through the confusion and the blinding headline rates to give you straightforward advice.

You will also have to consider what type of service you will get and any reputable broker will be able to help - should it be fixed, tracker, discount or offset. There are many choices, and there are a wide range of fees associated with different mortgages. It would be very difficult for a seeker to understand the whole of the market. However advisors deal with these products all the time, and will be able to find the best deal for the individual.

Finding mortgages in London is not the easiest task in the world. Using a mortgage broker can make the task much more bearable.

An author on a variety of property related subjects, which include mortgage rate reviews and detailed analysis of the role mortgage brokers provide in the current climate.

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