The remortgage market is starting to show signs of recovery with deals being offered at a 3 year tracker rate of 2.99% with free valuation and free legal fees. The lenders though are still levying high arrangement fees to try and recoup the losses made on the sub prime mortgage market in America.

The first time buyer market is still slow with those wanting a 90% loan to value mortgage having to pay high rates. The current best rate for those in England and Wales is around 6.4% fixed. This is in spite of the Governments intention to improve this sector of the marketplace.

We need the markets to start moving again with a more optimistic approach than they are at present exhibiting. The cautious nature of lenders is not helping matters and we need the Government to start to push for a fairer deal for those wanting mortgages, especially from the lenders with a high percentage of Government backing.