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Borrowers still getting mortgages

Thu, 02 Oct 2008

Despite mortgage approvals falling to their lowest level in years, customers are still getting mortgage loans and remortgages . Banks, building societies and other mortgage lenders have all tightened criteria, but it is important to remember that they are still lending money.

Fixed-rate mortgages are still very much on the market, albeit at higher rates than last year. Borrowers who took out mortgages at 4.29 per cent will see their repayments increase considerably, as the average fixed-rate mortgage now stands at well over 6 per cent.

First-time buyers are still able to get mortgage loans, despite calls to the contrary. The criteria have shifted, and borrowers need at least a 10 per cent deposit . Buyers also need a provable income. Remortgages and buy to let mortgages are also available. Sub-prime mortgages are the only type of loan that has virtually disappeared from the mortgage lending market.
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