'No perks' for prospective homeowners
People trying to find flats for sale in London will enjoy scant support when it comes to securing a mortgage.
That's according to independent financial website MoneyFacts.co.uk, which is warning that the mortgage market is growing increasingly restrictive due to the ongoing credit crunch.
Darren Cook, head of mortgages at the firm, said that perks in the market are "few and far between" as banks have little leeway to entice owner occupiers into an already bottlenecked market.
Global money markets have been under severe strain since the US sub-prime crash of last summer and according to Mr Cook the effects of this are now felt throughout the entire industry.
"If you take six or seven months ago, [the market] was very competitive - the banks were going out to find business. Now, the consumers [need to] find a bank that's prepared to lend to them."
According to Moneyfacts in January 2008 there were 7,931 mortgage products available, but by the end of April there were just 3,906.
Published 15th May, 2008
© 2008 Estates IT Limited
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People trying to find flats for sale in London will enjoy scant support when it comes to securing a mortgage.