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Will homeowners be able to remortgage their properties?

There are concerns in the UK financial sector that changes in the mortgage industry, instigated by the Financial Services Authority (FSA), may well reduce the likelihood of many homeowners in the UK being able to remortgage when their current deals come to an end. Under strict new guidelines mortgage companies will need to clarify the "affordability factor" before signing off any mortgage arrangement, something which could impact upon many homeowners because of a reduction in their property value and the higher multiples available prior to the recession

Those unable to remortgage their properties will be in a very difficult position and may ultimately be forced to take on more expensive arrangements which could push them towards financial instability. While there is a feeling that mortgage regulations and mortgage criteria will return to "normal" in the years ahead, this is no help for those looking to remortgage their properties now.

The UK mortgage industry is certainly a very different animal to the one which entered the UK recession although ultimately, as we have seen in London, we will see a return to the traditional boom and bust scenario in due course. Some property values in London have risen by double-digit percentages over the last four weeks which is very much too much too soon.

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