A recent survey by GE Money Home Lending has found that one out of every four mortgage applications are being influenced by knock-on effects from the global turmoil in financial markets, commonly referred to in the UK as the credit crunch.
The mortgage lender found that as many as 87 per cent of mortgage brokers have recently experienced mortgage deals that have been influenced by the credit crunch. Lenders have changed dates, rates and other lending criteria, sometimes at very short notice.
In response to the promptness of the changes, GE Money are now calling for lenders to provide a greater notification period when changes are to be made, keeping problems with loans to the minimum.
The sales director of GE Money Home Lending, Duncan Berry, reportedly commented: "During these challenging times there will inevitably be changes to ranges with shorter notice periods, but communication is key and lenders should endeavour to give brokers reasonable notice to alterations in product ranges and changes to pipeline dates."
Mortgage applications affected by credit crunch
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