Homeowners looking for new mortgage deals
A vast majority of homeowners are finding themselves looking for a new mortgage deal. Due to people’s current mortgage coming to an end, many are finding themselves searching for the cheapest mortgage deal.
With current credit crunch conditions, it is causing major problems in the financial markets. Those searching for a mortgage must ensure that they do not miss out on competitive deals as lenders are planning to tighten up on their lending criteria.
A recent survey analysed showed that majority of homeowners were to come off their cheap fixed rate mortgages over the next few months, and in order to reduce the chances of repossession, another stronger form of security will need to be placed forward in order to complete a mortgage approval.
Mortgage lenders are being more careful about who they are prepared to lend to, lenders are expected to continue tightening up on lending. Industry officials stated that lenders are making it ever more difficult for consumers to get mortgages that are affordable.
One industry professional commented: ‘Lenders are lending, but there is no room for complacency. People need to act quickly.’
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