with all the news about the extremely high rate of foreclosure in the past year across the United States, it’s a bit surprising to hear that things aren’t quite as bad over in the U.K. According to The Intermediary Mortgages Lenders Association (IMLA), the number of people going into foreclosure is actually below the expected level at this time. Godfrey Blight, the chairman of IMLA, has been quoted in saying “For all the negative sentiment in the media, unemployment and interest rates remain low and people are taking the wise precaution of cutting back on discretionary expenditure.” in fact, with the recent reduction in interest rates made by the Bank of England, a lot of U.K. residents are taking this time to apply for new mortgage loans or even to Remortgage. it has even been reported that the number of mortgage approvals in the U.K. this past January has risen above the December figures which most folks are taking as a good sign. If you’re in the U.K. and are considering a mortgage loan at this time, I recommend you take heed of what has been happening over in the U.S. this past year and stay away from those adjustable rate mortgage loans no matter how low that initial rate is. there’s simply too much risk involved. focus more on the fixed rate mortgages, if you want my opinion.