Financial News

• Brown dismisses housing crisis fears (09 04 2008 10:15)
• Mortgage hope offered by bank (09 04 2008 10:15)
• Consumer morale 'falls again' (09 04 2008 10:15)
• Bristol & West withdraws deals (09 04 2008 10:15)
• Retirees feel 'unhappy due to no longer working' (09 04 2008 10:15)
• Severn Trent to be fined £36m (08 04 2008 04:15)
• Brown to announce first time buyers help (08 04 2008 04:15)
• UK bank details 'for sale by thieves' (08 04 2008 04:15)
• Last 100% mortgage to disappear (08 04 2008 04:15)
• High earners 'shut out of market' (08 04 2008 04:15)

Subscribe!

Lenders becoming 'much more careful'

Lenders are continuing to rein back their credit allowances making it harder for householders to remortgage, the BBC reports.

Housing data firm Mortgage Monitor has also found that five per cent of fixed rate home loans holders are so worried about their finances that they have become physically ill at one point.

Over one million UK homeowners are set to remortgage this year - and will find cheap credit at competitive rates harder to come by in the wake of the credit crunch.

The ongoing financial crisis affecting the global markets has seen firms finding it increasingly difficult to borrow money in order to fund their lending.

Accordingly, home loans firms have tightened-up their criteria regarding those they are willing to lend to - meaning that those who are seen as high-risk will find it much harder to secure a loan.

"They are being much more careful about who they are lending to and how much business they take," David Hollingworth at London and Country Mortgages told the broadcaster.

Send this article to: