The latest economic data seems to indicate that things are not getting any better in the mortgages United Kingdom market and in fact, they may be getting worse. Property values are plummeting and now numerous mortgages United Kingdom are now worth more than the property they finance. Also a major issue in the mortgages United Kingdom market at this time is the fact that refinancing is not widely available, leaving many with little choice but to go into default.Louise Cuming, head of mortgages at moneysupermarket.com, said: “This is further gloomy evidence that house prices are slipping and will undoubtedly not do anything to help the already low levels of confidence in the market. The figures will also fuel the ‘wait and see’ approach among the millions of homeowners too afraid to make a move in the current environment, which will add to further stagnation. The softening of house values will continue to hit the most vulnerable borrowers, those with little or no equity in their homes. As equity is eroded with falling values, these borrowers will find themselves paying more for their mortgages or, in the worst case scenario, find themselves with no borrowing solutions at all.
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