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Moneywise.co.uk issues mortgage outlook

The mortgage loans market in the UK is still ticking over, Moneywise.co.uk counselled today.

According to the news editor of the online personal finance site, recent tightening-up of lending conditions from banks in the credit crunch has not entirely shut off customer demand.

Mortgage giants such as Nationwide have recently raised minimum deposit requirements from homebuyers for their best deals to 25 per cent.

Rebecca Atkinson at Moneywise.co.uk said: "Demand is still there, but it's not there as much - people still do want mortgages, but how long that will last remains to be seen."

She added: "[This is] mainly because of there being few first-time buyers, because it's harder for them to get a mortgage without a large deposit."

Last week, First Direct and the Co-op also withdrew many of their fixed-rate products due to the ongoing financial crisis.

According to one estimate, the total home loans market in the UK has shrunk by 60 per cent since last summer, when the global credit crunch began.

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