Mortgage products 'disappearing'
Consumers are continuing to see mortgage products disappear from the market, it has been found.
According to moneysupermarket.com, 23 lenders have withdrawn their tracker products following the Bank of England's decision to cut its interest rate by 1.5 per cent.
Head of mortgages at the site Louise Cuming noted that despite the reduction, those hoping to borrow are unlikely to find a good deal in the current climate, since providers are unwilling to lend.
"The last thing lenders want to find themselves offering at the moment is a competitive mortgage deal to new borrowers - as they will be swamped with applicants," she said.
A continuing lack of credit may convince those seeking a house or flat in London to rent rather than buy.
Last week estate agency Haart predicted that house prices in the capital, which have dropped by 17 per cent over the last year, could fall by a further two per cent by the end of 2008.
Published 10th November, 2008
© 2008 Estates IT Limited
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