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Credit squeeze sees off 10,000 mortgage deals

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by Gill Montia

Financial website, Moneyfacts, has reported that nearly 10,000 mortgage products have been withdrawn by banks and building societies since the advent of the credit squeeze last summer.

Last July a total of 15,599 deals were available to homebuyers, the number has since diminished to 5,785.

The collapse in the number of mortgages available has not only hit the “sub-prime” sector; Moneyfacts calculates that the number of “prime” residential mortgage product available has fallen by 33% in recent months.

There are currently around 2,540 “prime” deals compared to 3,803 in July last year.

The figures highlight the chaotic state of the mortgage market, where lenders are withdrawing deals and changing criteria every day.

Typically, borrowers with small deposits are being excluded from the best deals, while interest rates are continuing to nudge upwards.

According to the National Association of Estate Agents, figures for potential homebuyers are at a 20 year low, partly because of difficulties in securing a mortgage.

The Council of Mortgage Lenders (CML) has already estimated that there will be a £30 billion mortgage “funding gap” during 2008.

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News posted: March 27, 2008

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