Saturday, September 29, 2007

Liquidity crisis hits the housing market

Mortgage rates soar as credit crunch bites

"Banks which specialise in providing home loans to those with a poor credit history, the self- employed and first time buyers who want to self-certify their income have made dramatic changes recently. While some have dropped these mortgages altogether, others have raised their standard variable rate by as much as 2.5%." Even a dramatic drop in the BoE base rate cannot help the market at this point!

Posted by confused76 @ 09:22 AM (617 views)
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One thought on “Liquidity crisis hits the housing market

  • Another six months you would start seeing people miss a few mortgage payments and repossessoin rise.
    It will take some time but the party is definittely over.

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