No evidence of lending criteria tightening, claims mortgage broker
Mortgage lenders have not tightened lending criteria in the face of
the credit crunch, it has been claimed.
Latterly, analysts have claimed that lenders have been exercising
greater scrutiny over mortgage loans, particularly to sub-prime
borrowers and that the number of mortgage products being offered
has been cut.
However, according to David Hollingworth of mortgage brokers London
Town & Country so far there has been "no visible" tightening of
lending criteria and that good deals are still available.
He told BBC's Working Lunch programme: "As borrowers' profiles have
changed, so have lenders' attitudes to them.
"So make sure you're not just assuming you're a non-standard
borrower and shop around before you go ahead with anything. In the
mainstream the deals are out there, the great deals.
He added: "The only slight tightening perhaps we've seen is a
retraction from one or two lenders from the 100 per cent lending
but, other than that, currently no visible tightening."