Mortgages choice reduced
A recent survey carried out showed that the number of different mortgages available in the UK market has drop by nearly two thirds since the credit crunch. Numerous lenders are taking a wide range of mortgage deals off their menu, further investigation had been made by one industry professional.
Analysing data, which had been gathered, it clearly stated that 15,600 mortgage products and deals available had started to close. Over the last seven months this figure has reduced to only 5,725.
Buy to let investors, first time buyers, and sub-prime consumers have been robustly affected by the downturn in mortgage products since the start of 2008, and majority of lenders have had to control their lending by making their mortgage lending criteria more ample.
The British Bankers Association and the Council of Mortgage Lenders have both witnessed a drop in mortgage lending, a broad range of building societies have also struggled in terms of keeping up with demand for mortgages from people who no longer are able to reach funds from major banks.
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