Although remortgages are not yet available on a widespread scale, it does appear as though a few lenders are opening their doors. There is increased competition between many of the top lenders and if consumers act quickly, the experts state that their chances of getting a remortgage may be higher. However, consumers are warned that it may take several applications with different banks to get a good rate on a remortgage or even an approval, depending on the overall credit rating of the applicant.
Even though lenders are getting more competitive, that doesn’t mean the problems in the housing market are over. “This is not the start of a new dawn,’ says Alex Murray of national adviser network Thinc Group. ‘Massive supply problems remain.’
Stephen Gifford, Grant Thornton’s chief economist, said: “Despite the global downturn flattening the growth of personal debt and UK GDP over the past few quarters, debt levels continue to grow at a faster rate than the income the UK generates. Although there is no cause for panic as personal debt is well covered by the UK housing stock, the figures clearly illustrate the continuing problem of growing personal debt levels in the UK.”
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