Consumers seeking mortgage advice should make sure that they are getting the right kind of help that they need. According to experts, good mortgage advice will take into account the current state of the housing market and trend towards getting more people to refinance. Despite the best mortgage advice however, banks are not quite ready to offer refinances on a large scale basis. Michael Coogan, the director general of the CML, said: “Monthly house purchase lending volumes continue to be lower than last year’s levels and there will be a further weakening in coming months as recent approvals data has shown.”The squeeze on mortgage funding has led many lenders to tighten their lending criteria. While tighter criteria make it more difficult for some borrowers to obtain a mortgage, they also reduce risk in a slower housing market. “There has been a resurgence of fixed-rate lending as borrowers are seeking certainty. This trend is likely to continue as the anticipation of future Bank base rate cuts has diminished.”A Communities and Local Government spokesman said: “We are working closely with mortgage lenders to ensure that the market remains accessible for first-time buyers, and recently announced a major expansion of our affordable housing scheme to cut the costs of getting on to the housing ladder by up to 50 per cent.”
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