3 Dec

No evidence of lending criteria tightening, claims mortgage broker

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."
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