Borrowers should sprint after best mortgage deals

| March 17, 2008 | 0 Comments

Mortgage brokers are warning potential borrowers that they need to act quickly to secure the best deals.

Lenders are regularly reviewing their criteria and withdrawing products, whilst also looking to spread their lending across their different mortgage products and attract borrowers with sound credit histories.

As a result, some of the best mortgage deals are being withdrawn at very short notice.

David Hollingworth, of London and Country Mortgages, explains: “They [lenders] are being much more careful about who they are lending to and how much business they take.”

He believes that while competitive deals are still available, they are being pulled at short notice when they became popular because lenders are fearful of having “all their eggs in one basket”.

Ray Boulger, of mortgage broker John Charcol, agrees pointing out that the 100% plus mortgage market all but disappeared within days, as lenders did not want to be the “last man standing”.

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