FinancialAdvice.co.uk Logo

Qualified advisers answering your
Financial Questions
call 0800 092 1245

Mortgage market radiating different signals

The UK mortgage market has very much separated into a more positive traditional mortgage sector and a negative remortgage sector. The Council of Mortgage Lenders (CML) has today confirmed that new loans were up by 29% in August, compared to the same period last year, although remortgages were down by 57% over the same period.



However, when taking both figures in context, i.e. the massive reduction in mortgage applications over the last 2 years, and the fact that more and more people are unable to remortgage their homes because of negative equity, the situation is still very difficult. There is also the problem that UK banks and UK mortgage companies have been unwilling to inject further capital into the market despite being bankrolled by the UK government and UK taxpayers to the tune of hundreds of billions of pounds.



This is the main reason why many people believe that the UK economy may well struggle in 2010 and we could yet see a slide back into recession. As we have seen on a number of occasions over the last two years, it is actually possible for UK consumers and UK homeowners to "talk themselves" into a recession which would be very difficult to pull away from in the short to medium term.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:



Latest News

Blogs

Helpful new tax year facts that could affect you and your money


Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.


Read more

Useful Links

Popular Searches

Please Enter More Details

 
Enter More Details
Continue