Mortgage products 'disappear' as credit crunch bites
www.moneynews.co.uk > Mortgages > Mortgage products 'disappear' as credit crunch bites
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Mortgage products 'disappear' as credit crunch bites
Wed 26th Mar 2008
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Over the last month alone, the number of mortgage products available across residential and buy-to-let markets has declined from 7726 to 5700 - a drop of 2026.
Some smaller building societies have been forced to withdraw their products entirely or restrict their lending to direct business or local areas.
A spokesperson for the website suggested that these developments "show that no one has escaped the effects of the credit crunch this time".
They stated that everyone - from prospective first-time buyers to established homeowners - will have less choice when it comes to taking out a mortgage now, particularly from smaller building societies.
Yesterday, HSBC announced that it is extending its RateMatcher guarantee for existing customers on fixed-rate mortgages until June 30th 2008.
The scheme allows customers coming to the end of a fixed-rate period to renew their mortgage at the same rate.
Related News : Mortgages |
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