As you may be aware over the last 6 months, the credit crunch has been making it harder and harder to get Credit. This has been evident through lenders finding it harder to get credit and therefore the number of deals available to the consumer has been decreasing.
The Bank of England has reacted to this and has cut rates and the consumers may now believe that this will lead to better deals on the market. However according to The Evening Standard (Evening Standard 17/06/08) “Hopes of cuts in mortgage rates disappeared today with the warning that inflation will stay high well into next year.”. The article goes onto say that “It means that homeowners and the property market can expect no boost from cheaper mortgages for the foreseeable future.”

This means that if consumers have been holding off taking a new deal until mortgage rate cuts then it could be a long time coming. If your deal is about to come to an end or already has then it may be cheaper to go to the market and get the best deal available now.

Using a specialist broker to search the market and try and find the best deals available may be your best option. These specialist brokers can actually get access to rates that are not available on the high street.