UK mortgages hit their lowest approvals rate since 1997 down over 56% on this time last year. Mortgage lenders are still lending, but they have tightened up their lending criteria considerably.
Many lenders are now charging much higher fees on their fixed rate deals with some charging up to 1.5 percent or more.
So is there an alternative?
If you would rather not pay a large fee, there are deal for fee free fixed rates, but they are normally at higher interest rates and often have early redemption charges.
You could choose a lifetime tracker or standard variable rate mortgage which generally do not have up front fee’s or early redemption charges.
Although the mortgage deals on the UK market place have reduced there are still thousands of deals available. It can feel an overwhelming choice; so many people will opt to use a mortgage broker. They will be more adept at finding the most suitable mortgages deal to meet your individual requirements. All UK mortgage brokers are regulated by the Financial Services Authority (FSA) and are required to meet high standards and treat their customers in a fair manor.
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