Your Mortgage notes lack of momentum in remortgage market
www.moneynews.co.uk > Mortgages > Your Mortgage notes lack of momentum in remortgage market
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Your Mortgage notes lack of momentum in remortgage market
Thu 23rd Jun 2011
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Dominik Lipnicki, director of the organisation, explained that most analysts do not expect the Bank of England's Monetary Policy Committee (MPC) to raise the base rate any time soon.
He said the effect of this is that many borrowers see little reason to search for another deal and it is tricky for them to secure a change even if they wanted one.
Mr Lipnicki remarked: "It remains very difficult to remortgage unless you have plenty of equity and a spotless credit rating to boot."
In his view, the short to medium-term prospects for the UK property market look "bleak", as the government has failed to get banks lending again.
The MPC meets again on July 6th and 7th to decide whether the base rate is to be altered. The June meeting saw members vote 7-2 in favour of keeping things as they are.
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