25/06/2008
Mortgage lending continues to fall – 20% down in May compared to April and a whopping 56% down compared to May last year (British bankers Association). It is now even harder to find a suitable remortgage with lenders continuing to tighten their credit appetites.
Property sales are also in decline with the number of sales reduced by 32% this year (HM Revenue and Customs), partly driven by lenders no longer wishing to lend in key sectors, such high loan to value mortgages and to some people with an adverse credit history. Even customers with clean credit and significant equity have found their choice of product reduced and costs increasing. Upward costs are not only in the form of higher interest rates but lenders also charging higher arrangement fees.
With the choice of mortgage on the high street now considerably reduced it is important that house movers or those needing to remortgage get professional help. Speaking to a mortgage or financial adviser will open up the choice of lender but the search should start early and not wait until the month before the funds are needed.
Your home may be repossessed if you do not keep up repayments on your mortgage. Calls are recorded for training and monitoring purposes. Mortgages By Phone LImited is an appointed representative of Connells Limited who are authorised by the Financial Services Authority for the advertising and recommending of regulated mortgage and general insurance contracts.