UK Money News
7th December 2007
Remortgaging 'is not impossible'
Homeowners looking to remortgage next year have been advised that the prospects are not as bleak as some forecasts indicate.
According to Newcastle Building Society, reports that remortgaging will be difficult next year due to the credit crunch have been exaggerated.
People coming off a fixed-rate mortgage may find they need help with money due to higher interest rates and increased payments, explained lending expert Steven Marks, adding that such consumers may find it possible to ease their trouble with debt by remortgaging.
"Apart from what is happening with Northern Rock and a small number of specialist lenders, other mainstream lenders are still keen to do business. I believe there will still be competitive deals out there for people next year," he asserted.
However, Mr Marks did concede that these are "difficult times" during which lenders may wish to avoid consumers with bad credit records.
The Council of Mortgage Lenders reported in November that remortgaging activity was "buoyant" in September 2007.
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