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Mortgage Crisis Eases As First Direct Rejoins The Party

After halting the granting of new mortgages some six weeks ago, First Direct (part of the HSBC empire) has today announced that its doors are now open to new mortgage applications. While there are still many companies in the mortgage sector stalling on new business it seems that the tide may finally be turning.

Over the last week we have also seen a slight reduction in headline mortgage rates and there appears to be more to come in the short term. Slowly, slowly the mortgage market seems to be returning to normal although there are many in the industry wary of slipping into old ways and arriving at a similar situation in the future. While it is impossible to erase the boom and bust economic cycle, perhaps the finance companies will be a little more wary in the months and years ahead.

It will be interesting to see what impact the ongoing changes have on the property market with many home owners looking to either downsize or find a bargain. The next few months are vital for the industry as there is a real need for some follow through from the sector as a whole.

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