Lack of mortgage availability hits high-end borrowers

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Lack of mortgage availability hits high-end borrowers

Despite a rise in the number of million pound properties being sold, the range of high-end mortgages on the market is narrowing, according to Bestinvest.

Million pound-plus products are still available, head of mortgages Peter O'Donovan said, but consumers are likely to find their choices limited.

He noted that big lenders including Abbey, Cheltenham and Gloucester, Woolwich and Halifax are still willing to lend that sort of money, but smaller firms are more reticent.

This may be because "lenders feel they have a smaller amount of money available to lend to at the present time. Therefore, they'd rather spread the risk over, say, 20 mortgages of 100,000 than two mortgages of a million pounds", Mr O'Donovan suggested.

While the number of million pound mortgages may be declining, the number of homes being sold for that price is rising - up by 36 per cent last year, according to data from Halifax.
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