24
Jan
Mortgage market remains healthy despite financial uncertainty
The mortgage market is still robust, despite the much-publicised
turmoil in the financial markets, new figures suggest.
However, experts warn that those who need to re-mortgage could find
it harder and more expensive than in recent years.
While the re-mortgage market remains in a fairly healthy state,
lenders are charging higher fees.
Peter O'Donovan, mortgage manager for Bestinvest, said: "A couple
of years ago it was very easy to just swap one across for a couple
of hundred pounds, whereas now the average fee is a thousand
pounds, so it is very important that you know what you're
doing."
He added that "there are still plenty of people looking to buy
houses" in the UK, which could support the market.
Mortgage providers have been tightening their lending criteria in
response to the global credit crunch which has led to a fall in the
number of approvals for property purchases.
