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Mortgage market continues to tighten

News that Halifax, the largest mortgage provider in the UK, has cut its mortgage range by half overnight should be a wake up call to those dithering about taking on a mortgage. A number of prominent City figures have come forward to suggest that while international money markets will benefit from the US bailout (if it goes ahead), the cost of capital for the UK's banks could remain high for up to two years. If this was to happen we would see more and more mortgage products disappearing from the market, costs moving higher and deposit levels increased.

The words of doom and gloom come from those within high positions at Halifax and HBOS and should dampen down the growing hopes of an overnight US led bailout of the worldwide financial industry. The truth is that the US plan would inject billions of dollars back into the system but more importantly it would allow confidence in the worldwide economy to improve. This is the key fact which may people seem to be missing.

The next few weeks in the world of UK mortgages are sure to be interesting with volatility and changes expected by many.

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