The international shortage of credit is continuing to bite, and as of August 2008 there is still no sign of it easing. This means that for many individuals, finding a remortgage deal or any other kind of long term credit could be difficult.
However, taking out a remortgage deal it is not an option to stumble into blindly: taking expert mortgage advice is critical to ensure that a remortgage deal is affordable and will leave a borrower’s day to day finances in a more affordable state. To get the best rates on a remortgage deal it is also imperative for all prospective borrowers to research the market thoroughly and get a wide range of remortgage quotes.
But in the credit crunch, is it still possible to secure a good remortgage deal? The answer is yes.
Contrary to popular belief there are still plenty of remortgage deals available in the market; total mortgage lending in July totaled £4.3billion, only slightly lower than the previous six-month average figure of £4.8billion. For people with good credit records securing a good remortgage deal is unlikely to be a problem. It is imperative that prospective borrowers maintain a good credit rating while gathering a remortgage quote.
Suitably qualified independent advisors with an expert knowledge of the market will be able to provide impartial mortgage advice as well as gathering a remortgage quote from each of the providers that have a remortgage deal that meet their client’s requirements. A mortgage broker who offers mortgage advice will be able to help borrowers assess the affordability of any remortgage quote or remortgage deal, and help to guide the applicant towards a decision that is best for them in their financial circumstances, such as the choice between a fixed or variable rate remortgage deal.
Consumers should always be advised that a home that is used to secure a loan may be under threat of repossession if borrowers fail to keep up repayments.
Julia Gleave is a writer and author for http://www.mortgagedealsdirect.co.uk We help you compare the vast number of UK mortgage deals to get you the best mortgage quote by taking into account mortgage repayment length, rates and mortgage types.