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Mortgage market feels bite of US crisis, says expert
Thu, 13 Sep 2007
The mortgage market in the UK is beginning to feel the affects of the sub-prime mortgage crisis in the US, mortgage specialist John Charcol has said.

Katie Tucker of John Charcol comments that mainstream mortgage lender rates are still below six per cent but they are not in tracker territory.

The bank rate may have reached its peak due to the recent credit crunch, reduced inflation and the slow effect of previous interest rate rises, she remarks.

"Borrowers remortgaging now should therefore take advantage of good discounts on offer, because over the next nine months obtaining funds will be progressively more difficult for lenders," Ms Tucker adds.

Those looking for security from their mortgage deal are advised by Ms Tucker to choose a fixed-rate mortgage, as interest stays below six per cent.

Figures released by the Council of Mortgage Lenders this week show that the number of mortgage applications fell in July.

Fixed-rate mortgages accounted for 79 per cent of the mortgages taken out by house buyers, although director general Michael Coogan suggests that if bank rate has peaked then consumer appetite for fixed-rate mortgages may deteriorate.

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