(1888PressRelease)
October 23, 2007 - London (ask4loan) : According to Moneyfacts, a financial information company, the lenders have removed 40 per cent of their mortgage products in the last there months. Sub-prime lenders have taken off 54 per cent of their mortgage policies form the shelves. The numbers of mainstream mortgages have also dropped by 16 per cent.
The lending market is experiencing major changes since the last one month. Lenders are now reluctant to provide large amounts of loans to people having doubtful credit histories. The number of mortgages going down reflects that lenders are cutting down their range by discontinuing the risky deals. Some lenders are withdrawing those secured loans and mortgages with over 100 percent loan-to-value ratios.
Julia Harris of Moneyfacts said: “While a 16% drop may not sound much in comparison to the sub-prime market, within a historically static market this is certainly unusual and the reasoning much less clear cut. Northern Rock slashing its 230-plus product range to just 70 products has certainly played a role, as has the merger of Nationwide and Portman.”
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