Mortgage market in downward spiral

Published:

07/07/2009

Topic:

Press Release,Mortgages

Figures from moneysupermarket.com show the number of mortgage products available to consumers has slowly been decreasing, with only 2,282 products now available, compared to 5,040 this time last year, and an astonishing 27,962 in July 2007.

Louise Cuming, head of mortgages at moneysupermarket.com said: "Despite all the recent initiatives from the Government and Bank of England, the lack of credit is an ongoing problem. This will continue to hinder any sustainable recovery in the housing market so until this changes, and more mortgages become available, house price growth will remain muted at best, with further falls possible, and many borrowers will struggle to get a mortgage. Unfortunately it is doubtful that the number of products will increase significantly any time soon. Lenders are competing to attract the same borrowers - those that are seen to offer the least risk to the bank - and there is no sign of this trend changing."

Sourced by www.moneysupermarket.com

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