Lenders 'becoming more selective about clients'

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Lenders 'becoming more selective about clients'

Ongoing financial difficulties being seen across the UK are forcing lenders to become more selective about who they offer mortgages to, it has been claimed.

Lee Grandin, managing director of Landlord Mortgages, said funding is in such short supply at present that lenders are continuing to raise the standard of criteria for who they deem worthy of mortgage borrowing, something which is cutting off the property market for many.

He commented: "Generally, finance is easier to obtain if you can prove your financial worthiness, this means you often need to earn an annual salary of over £25,000."

According to recent comments by Ray Boulger, senior technical manager at John Charcol, a focus on offering long-term fixed rate deals such as those seen in the US to UK consumers would have hampered the economy even more over recent years.

He argued without short-term deals, the benefits of the record-low base rate would not have really been felt by many.

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