As more news of the housing slump reaches the ears of consumers, many are deciding not to take out a mortgage UK until things get better. The amount of new mortgage UK requests declined significantly and analysts believe that this trend is going to continue for some time at least until consumer confidence goes back up.
NAEA President, Stewart Lilly, said: “The figures reported in February echo the current climate of confusion that is clouding the property market at present. Invariably, the global credit crunch, especially the US situation, has had a knock on effect, which coupled with consumer inflation, is placing continuing pressure onto the property market.”
Denis Harvey, mortgage analyst from Moneyfacts.co.uk comments: “These results clearly show that the larger institutions, especially banks, are not offering the most competitive products. Failure to find funding could be one reason, but reliance on their brand name and our loyalty has to play a part.
Mr Harvey concluded: “In a time when many are struggling to find a suitable mortgage, these results show that it is definitely worth looking around for the best deal. Going for a smaller, less well known lender may well save you money.”
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