It was not so long ago that the economic climate was positive, with strong forecasts for continued growth. Securing a mortgage or remortgage deal was comparatively easy and rates were competitive. Then, in the middle of 2007 the Northern Rock crisis broke into the news as the global market became squeezed for credit, and the UK economic climate changed quite dramatically. Mortgages and most especially remortgage deals have become harder to find and more expensive; to make matters worse, many consumers have racked up credit card debts in the spending boom, and are now feeling the pinch.



Faced with high credit card repayments and ever increasing costs of petrol, electricity and food bills, many individuals are struggling to make ends meet, and are using their plastic cards as a way of securing short term borrowing.

So what options do consumers have? In the current property market, one could be forgiven for thinking that this isn't the time for anyone to be putting their house up for sale. However, for home owners with equity in their property, there is the option of re-mortgaging to release equity. However, taking out a remortgage deal it is not an option to stumble into blindly: taking expert remortgage advice is critical to ensure that a remortgage deal is affordable and will leave a borrower's monthly finances in a more manageable state.

To get the best rates on a remortgage deal it is imperative for all prospective borrowers to research the market thoroughly and get a wide range of mortgage quotes. An independent mortgage advisor can assist and save an applicant both time and money, by researching and putting forward all deals that match a prospective borrower's remortgage deal requirements. Suitably qualified independent advisors with an expert knowledge of the market will be able to provide impartial remortgage advice as well as gathering a mortgage quote from each of the providers that have a remortgage deal that meet their client's requirements.

But in an environment where credit is more difficult to get, is it still possible to secure a good remortgage deal? The answer is yes. Remortgage deals are still out there for the taking, and although the market has changed with higher interest rates being charged on fixed term remortgage deals, individuals who can show they have at least 25% equity in their current home are deemed 'lower-risk' borrowers: for these individuals gaining a mortgage or re-mortgage should not be too difficult.

There is also evidence that competition is starting to intensify between remortgage deal providers, with a few lenders chasing low-risk business. The important factor in securing a remortgage deal is that prospective borrowers should not allow themselves to fall behind on any credit cards or loan repayments. To do so will adversely affect a prospective borrower's credit rating.

Consumers then face a difficult decision about whether to choose a fixed or variable interest rate on their remortgage deal. For many individuals, choosing between a fixed rate or a variable rate mortgage deal may be a choice between future certainty of repayment costs, set against a possibility that a fixed rate remortgage deal may become more expensive that the market variable one.

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.