06-03-2008
Moneyfacts appraises changes to mortgage market
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Moneyfacts.co.uk has offered a review on the changes to the UK's mortgage sector over the last 12 months.
In addition to noting a fall in the maximum loan-to-value levels of many mortgages, the price comparison website has observed that, where 100 per cent mortgages still exist, the interest rates on these products are continuing to increase.
The organisation has also uncovered a fall in the availability of self-certification products, which may affect self-employed tradesmen such as plumbers, builders and electricians.
"The dust has finally settled on the surge of lenders reducing loan to values. Borrowers with a deposit of less than ten per cent have got a lot less choice of products than a few months ago," said Julia Harris, a mortgage analyst at Moneyfacts.co.uk, an organisation established in 1988.
"[Moreover], not only is there a limited choice out there for borrowers without a deposit but rates on the few products that remain are continuing to rise."