Mortgages -
Mortgage market is 'still buoyant' - 24/01/2008
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The mortgage market in the UK is still going strong, independent financial advisers Bestinvest said yesterday.
Sales of new loans are being driven by the demand of householders coming off their fixed rates and deciding to remortgage, the firm claimed.
The upbeat assessment comes in the wake of the Council of Mortgage Lenders' announcement that the ongoing credit crunch has caused "funding difficulties" for a number of their members.
In turn, this has led to a "sharp fall" in mortgage approvals - meaning that some are finding it harder to secure credit on the high street.
Peter O'Donovan, mortgage manager for Bestinvest, said: "I still think things are pretty buoyant because there's plenty of remortgage business."
He added, however, that there remained some growing problems in the mortgage market due to the current economic conditions.
"There are still plenty of people looking to buy houses, it's just the cost of doing so [that is a problem]," he said.
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