Availability of Mortgages to Decrease
The availability of mortgages in the UK will be under even stronger legislation according to The Bank Of England. Lenders have reduced the number and value of mortgages granted up to March 2008 and from figures given to the The Bank Of England are set to reduce this figure further in the next 3 months. This will include mortgages, re-mortgages, secured loans for credit cards, overdrafts and business loans. Some mortgage offers and styles of mortgage will be withdrawn as not viable in the current financial climate. Lenders have also stated that borrowers are happy to take longer duration fixed loans of up to 10 years without significant inducements due to the lack of consumer confidence. First time buyers will need at least 15% to get onto the property ladder, and the days of 100% or even 100%+ mortgages are well and truly over!