According to the Bank of England, new applications for mortgages slumped to their lowest level since January 1999 in March. The month, traditionally the start of a seasonal upswing in new mortgage loans, was 44% down on the same month last year.
The global credit crisis affecting financial market has caused many mortgage lenders to pull their mortgage deals off the market, whilst raising interest rates . The credit crunch, triggered by the American sub-prime mortgage market, has seriously affected the high street.
Remortgage loans also fell on previous months, as did niche sector loans such as buy to let mortgages . The mortgage market has dried up considerably in recent months, with far fewer loans on the market. Despite a ‘special liquidity scheme’ launched by the Bank of England, the mortgage market is continuing to shrink, with the majority of deals now requiring a 10% deposit or more. Arrangement fees for competitive loans are also becoming higher and more common, with lenders seeking to maximise profit and minimise risk.
Mortgage market tighter than ever
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Mortgage market tighter than ever
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