is Northern Rock and the whole mortgage area..

Deals_2

putting people off buying houses at the moment. i hear that bigger properties are moving but the mid range stuff is slower. ARe more people being refused mortgages at the moment? what is everyone's experience? thanks

Conrad

My experience as a broker;

Several clients have shelved thier home buying as a result of rates rising in the sub prime arena which meant they could no longer afford the proposed payments.

Others are now finding they cannot borrow nearly as much as was on offer 1 month ago.

Adverse credit clients are expected to find larger deposits now.

If this does'nt crash the market I'll be a little surprised.

Mortgagehero

As to whether people are being put off buying property at the moment as a consequence of the problems in the banking sector it really is to early to call at the moment.

In response to you question in regards to more people being declined for mortgages, I think that we are starting to see early signs of this with some lenders tightening up on their lending criterea, particullarly in the adverse market.

poppy10_2

It's not so much them not wanting to buy, it's more not being able to buy, as the lenders have tightened up their lending criteria and are now only lending sensible amounts, and are now checking whether their clients will actually be able to afford the mortgage.