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Mortgage market is changing, says CML

Mortgage market is changing, says CML

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The mortgage market is changing due to the current economic climate, the Council of Mortgage Lenders (CML) has suggested.

Spokesperson for the CML Sue Anderson said the expectation that interest rates will fall again during 2008 has led more people to consider taking out tracker deals.

"At the moment the situation is complex because there is some anticipation that rates may fall again this year so there is greater appetite than what there would normally be for tracker-rates," she said.

If rates do fall again than some people could find their mortgage repayments become cheaper.

Ms Anderson noted that fixed-rate mortgages have been favoured by first-time buyers in recent times, but that people must assess their own financial basis individually.

The publication of the Bank of England minutes for the monetary policy committee's March yesterday showed that members voted seven to two for a rate hold this month.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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