Being a mortgage broker in these precarious financial times could be a bit of a worry. For 12 years they’ve had it better than most but many companies now have been feeling the pain for a good while. They are the ones who are aware of these problems before the masses.

Finding a remortgage quote can be particularly tricky. Financial institutions are erasing deals from the marketplace as regular as clockwork. More often than not it is a race against time to get a remortgage application put forward before the lender eliminates the offer.

Simon Pritchard-Jones, head of the stockbroking service WH Ireland, said: “There’s so much more running around to get mortgages put in on time before they’re no more”

The banks have gone very cold when it comes to lending funds between themselves. As a side effect of this interest rates have been going up on many products and thousands of mortgages have been eliminated because it just costs too much for the lender to raise the moolah.

Many people’s fixed rate mortgage ceased in 2008 and many more will stop in 2009. The problems associated with securing a re-mortgage now means that consumers simply don’t have the choice they had 20 short months ago. To stop a house repossession by remortgaging now can be really tough.

It’s likely that we’re in for at least another 1 to 2 years of this so strap yourself in because we are in for a rough ride.

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