Here in the UK, remortgage figures are worse than in other areas of Europe, so write Dominic Eleyard of mortgage providers http://www.mortgagebrokeradvice.co.uk/. In Manchester, the decline is above 50pc, with forty two,2 hundred remortgages organized in January in comparison with 89,000 in January 2007. Volumes for purchase and remortgage lending have confirmed modest improvements during the last two years, even though this fashion is walking out of steam.
Dominic Eleyard, of mortgage broker Mortgage Broker Advice, stated: “wherein you have total lending displaying no increase and new competition getting into the market, lenders don’t need to relax their standards in order that leaves most effective one option: slicing the fee.”
A weakening housing market and a fear among lenders that transactions will wane in the coming years is driving the latest mortgage rate cuts, analysts say.
Ultra-low rates appear set to continue “at least for the short term”, with the Bank of England reporting record low borrowing costs for March.
There are various areas of Manchester that are doing better than others. For example places like Urmston and Sale and typically more affluent than areas such as Wythenshawe and Salford. But bearing this is in, the areas of the cheaper property i.e. Wythenshawe will have many more buyers of houses than Sale, because of house affordability.
This affects people with mortgages, and now is a good time to renegotiate your mortgage if you can. The best way of doing this to to find an independent mortgage broker – these are also known as Whole of Market brokers – simply try an internet search to locate on in Manchester.