Mortgages disappearing from the market
Potential homebuyers have been advised to try to secure deals on mortgages as soon as possible.
It comes as the global credit crunch continues to affect the mortgage market, leading to many lenders pulling some products from the market.
Michael Coogan, director general of the Council of Mortgage Lenders (CML), told BBC Radio Four’s ‘Today’ programme that the mortgage market is changing rapidly.
“[Lenders are] changing their approach to their products, putting their price up; they’re also removing products,” he revealed.
“I think what you’ve got to do is to try and ensure that you act fast to try and complete the deal as soon as you can.
“The lenders aren’t looking to withdraw products without reason. They are limited in funds, they are also having to address the issue of putting the right price on the product,” continued Mr Coogan.
A number of mortgages were pulled from the market last month, with 125 per cent deals disappearing altogether and 100 per cent mortgages also becoming much less readily available.
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