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Don't panic, remortgagers told

Britons who are worried by the current housing outlook should seek out independent advice, mortgage experts at John Charcol said yesterday.

A week of stock market turmoil has led to widespread speculation that the credit crunch has worsened - meaning that the housing sector could take a further downturn.

The widespread withdrawal of cheap loans due to the crunch - and the apparently increasing selectiveness of high street lenders - has already stoked consumer fears.

John Charcol advisor Katie Tucker commented, however, that homeowners looking to remortgage this year should not be too disheartened by the current outlook.

"It is important that existing borrowers, who are due a remortgage, do not panic, but instead take a whole-of-market broker's advice on what is now available to them [and] ensure they don't fall into financial difficulties," she suggested.

Ms Tucker also said yesterday that the Bank of England would be facing an interest rates dilemma in months to come.

"Whilst more interest rate cuts are needed, to stimulate growth in the economy, inflation has to be held down so we may have to wait at least until May before mortgage rates are reduced again," she added.

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