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Is your mortgage offering value for money?

Will the government continues its quest to rule the UK financial markets there are ever growing concerns that reductions in base rates and finance costs for banks have yet to be passed on to struggling consumers. Indeed we have seen a number of financial institutions remove mortgage products after the recent interest rate reduction in order to protect their profit margins.

There is also confusion regarding the Lloyds TSB and HBOS merger with rumours of a counter offer in the wings and possibly set to be announced next week. We then have a number of building societies which have been struggling, with some taken over and others due to be taken over in due course, reducing competition further in the sector. Mortgage rates have barely moved since the rescue package and interest-rate reduction, indeed we have actually seen some mortgage rates increase over the last few weeks.

After staking literally hundreds of billions of UK taxpayers money on the rescue package it appears that the UK taxpayers is even worse off than they were prior to the announcement. With limited access to new and low rate mortgages there are very few options open to those struggling to cover the current mortgage payments. Whether this will change in due course remains to be seen.

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