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First-Time Buyers Advised To Wait Out The Mortgage Mess
First time buyers are being urged to wait out the mortgage mess. The markets should settle down before customers consider getting a mortgage, experts say.
Abbey Takes The Last 100% Mortgage Off The Market
The last 100% mortgage which was still on the market was removed from Abbey’s offerings on the 7th of April at 10pm. This marked the end of the no-deposit mortgage era. Abbey is responsible for 1 in 10 mortgages in the UK and the bank said that these moves were both in line with current market trends and similar to moves made by other lenders. One year ago 158 mortgages were available for first-time buyers who had no deposit, today there are none.
Mortgages Are Halved As Market Struggles
Experts predict that the amount of mortgage collateral available from British banks will fall by a half this year. Warnings have come from The Council of Mortgage Lenders (CML) that mortgage funds could fall to half last year’s £108 billion fund as building societies and banks struggle to process the bad debts inherited from the subprime markets.
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