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High-end mortgages `not affected by credit crunch`

09/10/2007

Many high value mortgages in the UK have not been hugely affected by the recent credit crunch, according to an industry expert.

Due to the fact that most of those with high value mortgages will be on fixed-rate deals, the fluctuating financial market would not affect that sector of the market, financial advisors Bestinvest said.

The credit issue may have caused a "slight issue" of affordability for some in that sector but as interest rates have levelled out, there will be "no long-term lasting damage" to those in the high-value sector, Peter O`Donovan, mortgage manager for Bestinvest, claimed.

Mr O`Donovan added: "As things have now seemed to even out I think a lot of people will be looking for rates coming back down again, making things a bit easier."

Last week, the Bank of England decided to hold interest rates for the third consecutive month at 5.75 per cent.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according