29th March 2008
UK Mortgage Criteria Tightens
Stay informed and get advice from a broker you can trust
UK borrowers could find it more difficult to secure a mortgage deal as lenders become stricter with their lending criteria.
Banks and Building Societies are adjusting their business practices to limit the amount of risk they take on board, for example, by demanding higher deposits from first time buyers and increasing interest rates.
Changing Deals
Deals are frequently changing; which means mortgage options that were available a few months ago could now be gone. It’s estimated that the number of mortgage deals in the market has fallen from 15,599 in July 2007 to 5,725 in March 2008 – a drop of almost two-thirds in less than a year.*
Fixed-rates due to expire
There are more than a million fixed-rate deals due to expire in 2008, which will only add to the consumer demand.**
The Council of Mortgage Lenders (CML) have called for more support from the Bank of England to help enable Lenders to meet the demand.
Support you can depend on
During these tough times, consumers are possibly more than ever in more need of a broker they can trust.
At moneyQuest, we are committed to providing expert financial advice, reassurance and assistance to mortgage customers. We have access to the whole of the UK mortgage market and our advisors are dedicated to finding the best deal available to suit your needs.
Stay informed with moneyWatch!
*The Metro News, March 2008 **BBC News, March 2008
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