Todays Mortgage Criteria in a Changing Market
October 14, 2008
As you are probably aware the mortgage market at present is currently in a state of panic driven restrictive lending with those lenders still left in the mortgage market (may have withdrawn from new lending all together) putting heavy restrictions on both their lending products and criteria.
Many believe that our current financial crisis stemmed from the sub prime lending market in America where a high proportion of those loans have been defaulted on by the borrowers bringing in an abundance of reprocessed properties, because of this house values have plummeted giving lenders properties that are virtually un saleable due to negative equity which is only adding to an already critical situation.
My aim however is not to start finger pointing at who is to blame or where this current crisis stemmed from but to have a look at the current situation facing borrowers who are either looking to purchase a new property or simply remortgage their own. Read more