Strong year predicted for UK mortgage market

A strong desire among Britons to own their own home will keep the mortgage market buoyant in 2008.

That is the opinion of financial advisor Best Invest, which also believes that a large amount of remortgaging activity in the months ahead will support the market.

Peter O'Donovan, mortgage manager at the firm, said that he disagrees with gloomy forecasts for the market and is certain that the strength of the market will show through.

"I still think things are pretty buoyant because there's plenty of remortgage business which is now getting even harder because of the fees that the lenders charge," he revealed.

"A couple of years ago it was very easy to just swap one across for a couple of hundred pounds, whereas now the average fee is a thousand pounds, so it is very important that you know what you're doing.

"There are still plenty of people looking to buy houses, it's just the cost of doing so, and once again making sure they understand exactly what it is they are entering into," added Mr O'Donovan.

Related Articles