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'Act fast' on home loans say brokers

Homeowners thinking of applying for new home loans are advised to act fast as lenders begin to tighten their criteria and become more selective about who they lend to.

According to some brokers many competitive deals are being pulled from the market and it is likely that homeowners will find it increasingly difficult to obtain cheap loans.

David Hollingworth of London and Country Mortgages told the BBC that there are still some attractive deals out there but lenders are becoming much more careful about how much business they take.

And Ray Boulger from John Charcol told the broadcaster that home loans customers coming to the end of their current deal should plan ahead to find out what is on offer from their current lender as well as other mortgage providers.

Melanie Bien, director of Savills Private Finance, told the Telegraph: "Borrowers need to understand that deals are being pulled with very short notice so they need to move quickly to secure a rate."

New research from Mortgage Monitor shows that more than a third of a million homeowners who took out cheap fixed rate home loans five years ago are struggling to meet their repayments as these deals expire.

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