Friday, Mar 28, 2008
No desire to lend by smaller lenders
Firstrung: Credit crunch affects small lenders appetite towards riskier mortgage lending
Over the last few weeks we have seen more changes in the mortgage market time than ever before. Denise Harvey, mortgage analyst from moneyfacts.co.uk, looks at what has been going on. It seems that there is no stopping it. Over the last two weeks, lenders have been even more ruthless in withdrawing products from the market and/or tightening their criteria. Over the last month alone we have seen the number of mortgage products available across residential and buy-to-let plunge from 7726 to 5700, a staggering drop of 2026 products.
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