|
 Mortgage brokers are expecting the mortgage market to tighten up, with 85 per cent expecting the credit crunch to make it harder for people to find a mortgage.
A survey by independent risk consulting company Protiviti has highlighted the opinions of brokers, nine out of ten of which expect mortgage products to be pulled this year, something that could leave homeowners looking to move needing a quick house sale instead.
"Banks and building societies are not surprisingly reviewing their lending criteria and overhauling their risk management programmes in the light of the current market and economic situation with the aim of reducing their exposure to bad debt," said Andrew Clinton, managing director of Protiviti's financial services industry practice.
Financial Difficulty | Sell and Rent Back your home
Two-thirds of brokers expect mortgage lenders to stop offering new mortgage products this year in the wake of the economic situation.
Around eight out of ten (79 per cent) expect the gap between the Bank of England base rate - currently 5.25 per cent - and lenders' rates to widen.
Protiviti has offices across the world, with London serving as its UK base.
What are Social Bookmarks?
 Email this to a friend
 Printable Version
<< Homebuyer News Archive
|
