According to the Financial services Authority (FSA) around 1.4 million home owners will be looking for a new mortgage deal as their fixed rate deals come to an end sometime this year 2008.
In today’s mortgage market it has now become increasingly difficult to either obtain a mortgage in the first place or remortgage as this year will prove for thousands of homeowners. Rising interest rates and the reduction in mortgage products available are amongst the main causes behind such difficulty.
The Bank of England recently produced figures showing a drop in loans for remortgages to 69,000 in July from 80,000 in June. The CLG, Communities and Local Government, has confirmed that Britain is well and truly facing a housing slump.
Leave a Reply