Refinancing Mortgage Rate: Best UK Mortgage Rates
The Best UK Mortgage Rates
Mortgage News - January 2009
As reported by BBC, the number of new mortgages for house buyers approved by the UK's lenders fell last year by 52%. The British Bankers Association (BBA) said the number of these approvals went up from 17,000 in November to 22,000 last month of 2008. However, this was still 47% down on December 2007.
Despite rapidly falling interest rates and home prices, sales appear to be declining reflecting falling demand from households facing greater economic uncertainty. The figures show that people were becoming more cautious about their borrowing and spending as 2008 came to an end. In addition the number of price cuts more than doubled in the first three weeks of January compared with December. Average price reduction was just over £21,000.
As of beginning of 2009, in United Kingdom, we are experiencing drastic shortage of mortgage funding and decrease in the number of active lenders. This low level of transactions may be not enough for the performance of an efficient market
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