Mortgages scarcer than ever

Realy

neverdespairgirl wrote: »

Have a look on the mortgage board ehre on MSE - it is mattering to a lot of people at the moment.

I'm no expert, but I understand that most bank do assess value when re-fixing, it's income they don't.

If you are with the nationwide you can transfer to any product without valuation and proof of income. Well you could do when I went to them, I am not sure if they have changed it?

neverdespairgirl

chucky wrote: »

good point - do you have numbers on how many people are on Fixed Rate Deals?

it would be interesting because they would probably be on deals that were at least 2 years, some probably 5 years long or even longer. in those 2 years there should be some equity in the property compared to todays 'prices' unless they have bought very badly.

I don't have those numbers - I'm pretty sure the 2 year fix is very common, though.

baby_boomer

Mortgage introducer

Not only are the number of mortgage deals plummeting, but the brokers are squealing that they are being frozen out from the best ones by the mortgage lenders.

At least the shortgage of business gives them time to get their paperwork in order for when the FSA mortgage police come calling about all those dodgy self-certs they did .