Many of us have racked up short term debts on plastic cards in the spending boom, and are now feeling the pinch. Faced with high credit card repayments and ever increasing costs of living, rising food and fuel prices, many individuals are struggling to make ends meet, and are using their credit cards as a way of securing short term borrowing. Spending on credit cards in the UK has soared to an average of £45 million every month.

With the housing market falling in value by 10% so far this year, a forced sale in this market can mean losing considerable amount of capital, especially if a move to rental property is being considered. This may make the option of securing a new mortgage deal particularly attractive to many individuals who have substantial equity tied up within their property.

However, taking out a new mortgage deal it is not an option to stumble into blindly: taking expert remortgage advice is critical to ensure that any mortgage deal is affordable and will leave a borrower's day to day finances in a better state.

Finding a company that offers the services of an independent financial advisor is recommended; not only can they provide consumers with remortgage advice, they should also carefully assess the borrower's personal finances and guide them on the affordability of any new mortgage deal. An independent mortgage advisor can put forward all deals that match a prospective borrower's new mortgage deal requirements, and will gather and compare a mortgage quote from the most suitable providers. An advisor providing remortgage advice on will be able to help guide prospective borrowers on the type of new mortgage deal best suits their personal circumstances.

But in the credit crunch, is it still possible to secure a good deal? The answer is yes, but only if the prospective borrower has a good credit history. For a prospective borrower seeking a new mortgage deal, it is imperative that a positive credit rating is maintained while gathering any mortgage quotes.

Contrary to popular belief there are still plenty of new mortgage deals available in the market; total mortgage lending in July totaled £4.3billion, only slightly lower than the previous six-month average figure of £4.8billion. For people with good credit records securing a good new mortgage deal is unlikely to be a problem. There is also evidence that competition is starting to intensify between new mortgage deal providers, with a few lenders chasing low-risk business.

Consumers then face a difficult decision about whether to choose a fixed or variable interest rate on their new mortgage deal.

Faced with a real prospect that Bank of England lending rates may fall in the near future, there is the risk that in some cases fixed rate deals could become more expensive than a variable interest rate mortgage deal in the future.

There has never been a greater need for consumers to secure good independent remortgage advice when seeking a remortgage deal, to help them select the best possible mortgage quote for their circumstances. Affordability is an important consideration, as anyone considering taking out a new mortgage or other loan must remember that their home may be under threat if they fail to keep up repayments.