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End of an era
Turnbull2000
Posts: 1,807 Forumite
FT - Lenders warn era of cheap deals is over
Mortgage lenders warned on Monday that the era of widely available cheap loans had disappeared forever – despite the Bank of England’s new liquidity scheme.Mortgage availability has fallen sharply as a result of the soaring cost of wholesale funding. This increased cost has led lenders including Nationwide and Halifax to push up rates. It has also caused a number of new lenders that relied on the wholesale markets to pull out of the market.
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Direct link (no registration required): http://www.ft.com/cms/s/0/6fb00794-0fd3-11dd-8871-0000779fd2ac.htmlAll my life my mother told me the storm was coming (c) Terminator 30
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...Until the next housing boom of course...!
If you do what you've always done, you'll get what you've always got.
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...Until the next housing boom of course...!
Exactly, remember, that when there is a demand for mortgages, lenders will want that business and therefore be competing with other lenders for that business.
Of course they should only be able to lend what they have, but certainly there are more lenders today than there was 20 - 30 years ago all competing for the business.
If the mortgage is not competative, then the business will go elsewhere:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0
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