The mortgage market is still "pretty buoyant", according to one mortgage manager.

Peter O'Donovan of independent financial advisory firm Best invest claimed that remortgaging is keeping the industry afloat.

His comments follow a statement by the Council of Mortgage Lenders (CML) which said that a combination of increasing interest rates and tighter lending criteria had resulted not only in a reduction in mortgage products but also a "sharp fall" in approvals for mortgages.

However, Mr O'Donovan warned that it is no longer as easy to remortgage as the average fee has increased to around £1,000, making it crucial for homeowners to be aware of what deal they are arranging.

"There are still plenty of people looking to buy houses, it's just the cost of doing so, and once again making sure they understand exactly what it is they are entering into," he concluded.

CML also reported that the current financial turbulence has led to a weakening in house price growth and lower gross lending levels.

Source:: http://www.londonstockexchange.com/en-
gb/pricesnews/investnews/article.htm?wbc_purpose=Basic%25?ArticleID=18438822