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Best mortgages 'designed for investors with high equity'
Posted by Emily Swanson
Consumers with the most equity available to them will continue to be offered the most attractive mortgage deals in the aftermath of the recession.
That is according to Matt Griffith, spokesman at PricedOut, who believes the trend of banks and building societies making their best products viable for prospective borrowers with large amounts of capital will continue in the near future.
Mr Griffith explained that lenders are still "rationing credit" as they seek to redress the financial problems they encountered throughout the downturn, meaning they are more eager to do business with individuals perceived as having little risk attached to them.
However, although he does not expect this to change in the "short to medium-term", the expert did indicate there are now "hopeful signs" that financiers are beginning to take the needs of first-time buyers into greater consideration.
Last week (August 18th), the Council of Mortgage Lenders revealed that gross home loan approvals slipped slightly month-on-month to £12.6 billion in July.
22/08/2011 15:05
News category: Property