mortgage broker.co.uk

Borrowers urged to remortgage quickly

Home owners who are considering a remortgage in the next six months to take advantage of special introductory periods are being urged to seek advice sooner rather than later as lenders are rushing to reduce their loan to values on their products. It is feared there will will be less products on the market place in 6 months and client might best be advised to sort things out now. There are currently only 14 lenders in the UK offering 100% mortgages. A significant number of lenders have already reduced the deposit that is required by buyers thus effectively pricing them out of the mortgage market. Many remortgagers on fixed rate deals believe they will run into problems when the deal comes to an end and there are over a million due to end in 2008.

With all this in mind the volume of new lending has been falling steadily through the year with the council of mortgage lenders saying rates have been their lowest for nine years.

19 March 08

Speak to a professional about a Mortgage