Why Are The Best Self Certified Remortgage Rates So High?
The best self certified remortgage rates are higher than a year ago simply because lenders cannot afford to offer anything cheaper. This is because their lines of credit have been almost severed in the last six months due to the credit crunch. Lenders cannot get hold of money, so they cannot fund cheap mortgages. This means their mortgage products are scarcer and more expensive – and the best self certified remortgage rates have shot up. Over the last few years, lenders funded their great mortgages like the best self certified remortgage rates by buying credit from around the world. They buy credit in the form of other mortgages. The mortgages, many of which came from the USA, are packaged together as a security. The lender is sure they will receive the repayments from the American mortgages each month, so this package becomes a profit-making commodity. This is then borrowed on again, to create British mortgages. The lender then creates the best self certified remortgage rates possible
