Contrary to what many financial pundits have been saying the mortgage and housing market in the UK is in a very healthy state.
This is reflected in the figures from the Council of Mortgage Lenders (CML) which states that the gross advances in the UK Mortgage market were a staggering £83.9 billion in the first quarter of 2007. These figures are the highest rate ever reached during the first quarter of any year.
While it is true that the increases in base rates will likely have a cooling effect on the housing market the overall increase of one percentage point since August 2006 is unlikely to have a major effect on the UK mortgage market.
There are now thought to be around two million borrowers who will reach the end of their fixed rate mortgage deal over the next year and a half that will be looking for new deals.
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