Mortgages Down As Rates Go Up

Recent hikes in interest rates may be starting to slow the mortgage market according to the British Bankers Association.

Mortgage lending in March 07 fell to their lowest level for twelve months. Net mortgage lending rose by only £5.1bn for the month which is below the yearly average of £5.5bn.

The Building Societies Association released similar figures and whilst ther is no suggestion of concerns with regards to the economy as a whole, financial experts widely welcome the news. There was a suggestion that the housing market had been overheating which had been seen before to have serious consequences for the British economy. This latest news is no real surprise following three rate increases since last year although many analysts suggest further rate increases may take place through the course of 07.

If you're looking for a mortgage or a remortgage, looking to switch to a fixed rate or even just for more articles, hints, tips and information, visit FeelGoodLoans.co.uk

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Fixed Rate Fix?

Mortgage lenders are showing their nerves as key players in the market withdraw their lowest fixed rate deals.

Reuters (London) reports that the Nationwide which is currently the second largest mortgage lender in the UK, has withdrawn its fixed rate products. The Alliance & Leicester, Skipton, Portman and Kent Reliance Building Societies have also withdrawn their best-buy fixed rate mortgage deals.

According to the Council of Mortgage Lenders latest figures, some 87% of first time buyers are looking for fixed rate deals and as a result, are likely to be the hardest hit group.

If you need a mortgage / remortgage / commercial mortgage, or you're looking for hints, tips and money saving ideas, visit FeelGoodLoans.co.uk

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