s0luti0n's Blog

Following the continued turmoil in the credit markets the mortgage market continues to struggle on and although business has slowed the market is not closed for business.The number of approvals for house purchases has dropped to the lowest number since the 2004/05 slowdown in the housing market. The slowdown then followed a series of interest rate hikes by the Bank of England but quickly recovered following a single cut.This time the slowdown is likely to last longer and purchase approvals are likely to fall below the 2004 level. It is also difficult to separate market trends from the effect that HIP's have had on the situation.Demand from new buyers is lower but remortgaging is still fairly active. A large number of borrowers still need to refinance their expiring deals so business should...