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Mortgages follow a downwards trend

27/03/2008

A recent survey carried out showed that mortgages were on their way down, the amount of mortgage loans on the market today has reduced by almost two-thirds, more news revealed by Moneyfacts.

The financial information group Moneyfacts suggested that the number of mortgage loan on the market has come down to as little under 6000. Throughout July 2007, the number of loans was clearly over 15,000.

This month has been the worst time for different sectors of the mortgage market. The vast majority of UK homeowners who have adverse creditwill find it virtually impossible to take on a mortgage deal, simply due to the tightening of mortgage criteria.

Buy to let mortgage loans have also dropped significantly.

Throughout this month, mortgage lenders have continued to pull down mortgage loans from the market sector. Parts of the market namely 100 per cent mortgages, have near enough moved away from the property sector. Analysts in the trade are not forecasting current relief from the conditions, and vast majority of people feel that things will start getting even worse.

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