24 Jan

Mortgage market remains healthy despite financial uncertainty

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.

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