At the moment, many countries are feeling the credit crunch. This has occurred as the result of the economic instability that has been rife since mid 2007. Although the credit crunch did begin to show through at that point, it has only just begun to filter all the way through society and cause major problems for people from all walks of life! This is nowhere more evident than in the mortgage industry, but has ironically affected homeowners with an exiting mortgage more.

It has affected existing homeowners in two ways. Those that are looking around for the pick of the remortgage deals may well be sorely disappointed, especially if they are looking to remortgage to be able to afford their home. Lenders have pulled the strings in a little tighter and are now refusing o lend to people outside of their strict criteria. As such, it is worth looking sooner rather than later if you anticipate any problems because you never know when it may be too late to get your hands on a remortgage.