The Mortgage Finance Blog

Figures released last week indicate that the Eurozone has emerged from recession the collective economies having expanded by 0.4% in the last quarter. The entire European Union, including countries that haven’t embraced the Euro such as the United Kingdom, also pulled itself out of recession by growing 0.2%.

However the figures show the UK still in recession with the economy shrinking by 0.4%. There is some hope that future figures will show the UK’s economy improving and finally pulling itself out of recession during 2010. However with the economy still formally in recession we are unlikely to see any changes to bank base rate in the near future, making tracker mortgages the ideal choice for the majority of our clients.

France a Germany have been able to pull themselves out of recovery earlier than the UK as their economies are not as dependant upon the finance and banking sectors which have been at the centre of the current crisis.

The report from the BBC also stated that Italy, Austria and Slovakia had also emerged from recession.