What’s this ‘credit crunch’ we keep hearing about and does it affect me?
Many lenders have recently changed their lending criteria. They are now offering lower loan to value products and some rates are less attractive. This is all as a result of lending in America where bad debts have fallen into arrears. This means that investors who would have bought ‘mortgage books’ from lenders are now asking for lower risk mortgages. It is now more inportant than ever to take professional advice as the number of mortgage products available has roughly halved over the last six months. There are many individuals who are coming off of low incentive deals this year and they should really be speaking to an advisor about a new deal three months before their current scheme expires.
