Mortgage withdrawals 'affect everyone'
www.moneynews.co.uk > Mortgages > Mortgage withdrawals 'affect everyone'
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Money News |
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Mortgage withdrawals 'affect everyone'
Tue 8th Apr 2008
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Commenting on the news that First Direct and the Co-operative have recently stopped the sale of mortgages to new customers, Rebecca Atkison said it would impact both first-time buyers and those with "half a million quid to put down".
She singled out rising rates rather than criteria as the major issue, noting that even people who are well-financed will still have to pay more than they did previously.
However, Ms Atkinson did acknowledge that some subsets of society, such as first-time buyers, are "natural victims" of the decision to withdraw mortgages to new customers as they will find it more difficult to raise a deposit without the equity from a previous property.
"While the affordability of a loan depends on what your monthly income is, it has the potential to affect all borrowers," she concluded.
Moneywise is the UK's bestselling personal finance magazine.
Related News : Mortgages |
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