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When will the government hammer UK mortgage providers?

Today's revelation that fixed rates in the UK mortgage sector have been increasing over the last six months, at a time in UK base rates have remained at 0.5%, is causing concern within consumer and government circles. Despite the fact that the UK government, in tandem with the FSA (Financial Services Authority), has been attacking the UK mortgage sector for opportunistic profit margins increases there has been little in the way of assistance for UK consumers.

Despite various threats, both direct and veiled, the UK mortgage sector continues to lead a life of its own, ultimately ignoring the needs and requirements of UK consumers, the regulator and the UK government. There is a feeling that because of the significant strength of the UK financial sector, ultimately UK mortgage providers can charge what they want until the sector recovers and genuine competition is injected into the arena. This will only happen as and when UK buyers hit the UK property market but with many struggling to raise finance for deals this is turning into something of a "chicken and egg" situation.

Ultimately we may need to let UK mortgage providers run their course and effectively dictate the future direction of UK mortgage rates.

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