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Wednesday 1st October 2008
While demand in the overall property market is very low to say the least, there has been a short sharp burst of interest in the small number of mortgage deals on offer. This has forced the likes of Barclays Bank to review the array of introductory offers they had on the table and increase rates to literally fend off unwanted interest.
The last few days has seen a number of prominent market observers suggest that the mortgage market will soon be out of reach of the masses as rates edge ever higher. This has seen a sudden rush to nail down good rates and good deals before they disappear with first time buyers and those looking to remortgage suddenly descending on the mortgage lenders.
We will see the trend of moving mortgage rates out of the reach of the general public continue for some time to come. No financial institution in the UK wants to take on further debt at this time as they do not know what rate they will be paying tomorrow never mind next month. We are entering a period of reflection for the mortgage market and depending upon what happens over the next few days, the trend could continue for some time yet! |
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