Any improvement to the selection of mortgages available to customers "will come very slowly", one expert has claimed.
According to Katie Tucker, technical manager at broker John Charcol, the Bank of England's offer to help out mortgage lenders will not be a quick fix solution.
She said: " Mortgage rates may stop rising but they won't return to the exceptionally low levels of last year, because the lenders were not pricing at cost in 2007, they were pricing at a loss to attract market share of borrowers."
Ms Tucker added that anyone who was in trouble with their mortgage should speak to their provider.
Mortgage lenders are legally obliged to treat struggling customers in a sympathetic manner, she explained.
Customers could explore options such as switching their mortgage to an interest only basis, or seeing if their bank will allow them a break from their payments, she concluded.
Yesterday, the Council of Mortgage Lenders reiterated that any customers getting in to trouble will be treated "fair and sympathetically", despite the on going credit crunch.
Mortgage market will improve slowly, consumers warned
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Mortgage market will improve slowly, consumers warned
Thu, 24 Apr 2008
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