Thousands of borrowers who took out tracker mortgages with the Bank of Ireland (BOI) will see their rates increase from Wednesday, leading to a barrage of official complaints.
The change in rates will affect around 13,500 homeowners, most of which are landlords who bought on a buy-to-let basis
The number of people buying their first home is at the highest level for five years, according to data from the Council of Mortgage Lenders (CML).
In total there was a rise of 17pc in the number of mortgages approved for first time buyers in February 2013 when compared to February 2012, contributing to the best start to a year since 2008.
The amount you pay to organise your mortgage has risen to a new high, despite the fact the Government has set up new schemes to make borrowing and getting on the property ladder easier.
The average fee for the arrangement of a mortgage has now reached £1,522, making it the highest this figure has peaked to for 25 years, according to Moneyfacts.
There is a positive outlook with regards to the housing market, as British mortgage approvals hit a record high since January, according to figures released by the Bank of England (BoE).
October saw a total of 52,982 mortgages approved for house purchases, a rise from the 50,415 approved in September. This beat the forecasts set by economists who settled on a figure of 51,500 when making projections for October
Mortgages and other loans could become more expensive but less available if the Eurozone crisis persists, a lenders' group has said.
The Council of Mortgage Lenders (CML) said that â??short-term prospects for the housing market were linked to the upheavalâ??; leading to Brokers mentioning that borrowers should remain alert to the potential effect.
The amount of 95% mortgage deals available has risen sharply in the past couple of years, however very few people are being granted a home loan with just a 5% deposit; not only is it hard to obtain one, experts suggest that it is possibly not very sensible either.
A further decline in demand for mortgages is expected, in the coming months, as the housing and mortgage market continues to malinger.
Major lenders are speculating that house prices will fall in the first quarter of 2011 as buyers and sellers delay the decision to move.
This has been reported in the Bank of England's Credit Conditions Survey and lenders anticipate that this will also have a knock on effect for remortgages.
However, the lending picture remained relatively unchanged throughout late 2010 but with falling prices the availability of mortgages could pick up.
Approvals for home loans, especially remortgages, have shown a slight increase in the November period of 2010, according to the Bank of England (B of E)figures.
The number of mortgages approved showed a marginal rise but remortgages were approved by nearly 4,000 more to 34,262.
However, this rise still stayed below the 6 month average of 48,145 which still indicates subdued lending at the end of 2010.
A key cause for this is the decreased or lack of demand from first time buyers although market data indicates an increase in the availability of loans for those with a 15% deposit.
It's no secret that mortgage lending has declined but market data has shown a shift in trends for first time buyers.
In October 46,000 mortgages were approved which is still down on September, by about 4%, and down on the same month in 2009 by around 16%.
But the same data shows an overall decrease in the size of a deposit required by a first time buyer. September showed that the typical deposit was around 24% but in October this had deflated to 20%.
Building societies, banks and other financial institutes have reported that it is not expected to see any significant recovery in the mortgage market next year.
A new screening or vetting process may solidify the current restricted lending that is already in place, industry professionals have opined. This is somewhat corroborated by the fact that mortgage lending last month stood at £12.4 bn which is the lowest for a decade.
