An experienced mortgage advisor has moved to reassure people on the Shotley peninsula looking to buy a new home should still go ahead with their plans even though the market is on the rise.

Adrian Hibble, a self-employed, whole of market broker, believes mortgages are still within the reach of buyers and the rates are relatively stable.

He also advises people to move ahead with there plans, although they may need to be realistic in what they go for.

"I can't see it getting any better for the next coupe of years so best to get what you can now.

Adrian Hibble Chapman Stickels mortgage advisor

"People may have to readjust their sights a bi. If you are looking at repayments of say 1,000 a month, then maybe look as buying a slightly less costly house because you can borrow less

"If you were looking at at a three bedroom house ensuite, perhaps now it it will be two bed to start with."

Mr Hibble added:"Considering what it was like 15 years ago, these rates are still pretty low, 5% is not the end of the world.

"There are plenty of deals under 6% which is not that bad."

He pointed to these examples:

Two year fix rate at 5.99% (90% LTV) Virgin Money

Two year fix rate at 5.50% (60% LTV) Barclays

Five year fix rate at 5.29% (90% LTV) NatWest

Five year fix rate at 5.14% (60% LTV) NatWest

Mr Hibble, who advises Hadleigh estate agents Chapman Stickels among his clients believes the market is still better than it was before rates went too low.

He said: "We are talking ourselves into recession instead of focusing on how things are better than they were when they were at 15%.

"We have to accept this is what it is, It has been brewing for awhile and I blame the Bank of England fo not doing something sooner.

"We have had a long period when a five year fix was 0.9 per ent, which was too low."

"The rate should have been increased slower and longer."

Mr Hibble can see house prices dropping, although believes there is still a shortage in the market.

He said: "There are probably not enough entry level for first time buyers bearing in mind you will need to find a 10% deposit.

"It is the way of things being for a while and it is not going to go away."

Mr Hibble can be contacted at Chapman Stickles four days a week.