Make the most of your mortgage

With the housing market seemingly securing more column inches this year than any politician, government objective or even celebrity craze, it comes as no surprise that many people are reluctant to commit to the property market.

However, with over 3,500 mortgage products and numerous incentives from housebuilders currently available, more and more people are recognising the value of investing in a family home in the current market, leading to a revival of the idea that an ‘Englishman's home is his castle.'

Managing Director for Mortgage Talk, Andrew Frankish, explains: "Despite recent reports, many lenders still have significant funds available for those who are looking to secure a mortgage. The number of mortgage products on the market is not only increasing but becoming more competitive day by day.

"Whilst homebuyers are unable to borrow more than the purchase price of a home, lenders are continuing to offer very good income multiples, concentrating on a person's affordability in order to provide enough funds for purchasers to secure their dream home. Furthermore, interest rates are not only decreasing, but compared to historic trends are still relatively low, whilst fixed rates also remain competitive.

"It can be argued that deficient deposits are the reason why some purchasers are struggling to obtain a mortgage. However, this can be easily overcome. Many major housebuilders, such as Barratt Homes, recognise these challenges that some purchasers face and as a result, have developed a collection of incentives specifically designed to address these issues."

Purchasers are able to choose from fantastic offers such as deposit paid, stamp duty paid, part-exchange and shared equity schemes, all designed to help tackle financial drawbacks. When combined with one of the thousands of flexible mortgage options, these incentives can then create a personalised financial package which caters to each individual's circumstances.

Andrew continues: "We advise homebuyers to contact an independent financial advisory organisation, such as ourselves, to find out exactly what options are available to them in order for them to take advantage of the many deals available on the market.

"Furthermore, historically, purchasing a home has always appeared near the top of everyone's ‘life checklist'. It is only in recent years that properties have begun to be viewed by the mass market as financial investments rather than as ‘homes'. However, within the current market, we are going to see a return to buying a home, with increasing numbers of people searching for a home which can be tailored to suit their lifestyle, rather than that of a tenant's."

Consequently, major housebuilders, such as Barratt Homes, are not only expanding their portfolio of incentives in order to help homebuyers secure a suitable, yet financially realistic mortgage, but they are also thoughtfully designing their homes to suit all purchaser requirements.

Sales director for Barratt Homes North Midlands, James Poynor, comments: "We have seen a new trend emerging, whereby purchasers are demanding a home which caters for their personal everyday needs, rather than a simple property which can be rented out to tenants easily. Each of our developments across Leicestershire offer a range of properties which boast flexible, high specification interiors that can be easily tailored to adapt to a family's needs. For example, we have incorporated fourth bedrooms into some of our house designs which can easily be transformed into a home office or playroom."

Such flexible designs can be found at Barratt Homes North Midlands' Freemans Meadow on Upperton Road, Regents Park on Thurston Road, Stephensons Place in Coalville, The Elms in Astley, and Meadowcroft in Melton Mowbray, which offer a range of designs from one and two bedroom apartments to three, four and five bedroom family homes including stunning triplex town houses, meaning there really is the ideal home for anyone in Leicestershire.

For further information on the homes currently available at Freemans Meadow log on to Barratthomes.co.uk.