The Budget has come and gone and many of you are pretty clear about what you thought of it...
(memo to the Chancellor: thanks for nothing Darling)
Read our Budget 2008; the diagnosis.
It seems that many things suddenly got more expensive and frankly, it's the last thing that many of us need right now; especially if you realize your mortgage is up for renewal too.
And if you need to check your finances after the budget, why not see if any of our partners can help you with your money worries? Try our financial Health Check here.
If you are one of the many people needing to remortgage in the next couple of months, then you had better get your skates on.
With the current financial climate being what it is, many mortgage lenders are swift to change the deals that they offer you according to financial experts.
They are being a bit more savvy now and are being more careful to spread their custom across different mortgage products and they are being more picky about who they choose to lend to.
- So what does this mean to you?
Well, it means that
competitive mortgage deals are being removed at short notice and the lending criteria are changing quickly too.
Over 1.4 million of you on fixed-rate mortgages (which typically last for two years) are due to expire this year. More worrying is the fact that in a recent poll, 1 in 20 of you on a fixed rate mortgage say you have no idea how you will meet repayments when your current deal expires.
The poll said 4% of you on fixed rate mortgages said that worries about your finances had even affected your performance at work and 5% of you had become physically ill.
Are you a mortgage holder? Don't panic!
Those of you looking to purchase a home also face more questions from estate agents who want to be certain that you can actually finance the property you are buying (probably about time they started doing that isn't it?)
Those of you unable to raise a large deposit are also finding fewer mortgage deals are on offer now.
The effects of the sub prime mortgage crisis have trickled down,
mortgage lenders are now being extra cautious and they are more wary about mortgage-backed investments.
David Hollingworth, of London and Country Mortgages, explained why this was.
He said that competitive mortgage deals were still available, but fears of having "all their eggs in one basket" meant these deals were being removed quickly when they became popular.
Ray Boulger, of mortgage broker John Charcol, said the 100% plus mortgage market disappeared within four days recently, as lenders did not want to be the "last man standing".
He said anyone coming to the end of their mortgage deal needs to plan ahead by finding out what new deal their current mortgage lender was offering.
He said you should also use an impartial mortgage adviser. This is because they often have relationships with mortgage lenders that mean you may be able to get a better deal that you could get by going direct.
Also most advisers can search all mortgage lenders, some you may never have heard of, to find the best deal for your situation.
Thus it's clear that if you need a mortgage ,with the current situation being what it is, it is a case of "you snooze, you lose".
Can you still get a good mortgage deal?
Your mortgage; to fix or not to fix?