Home mortgage options tumble in Britain
Published: March 26, 2008 at 6:54 PM
LONDON, March 26 (UPI) -- The number of options for home mortgages has plummeted by nearly two-thirds since last summer in Britain, an analysis found.
The financial information firm Moneyfacts says it found the number of mortgage deals available to homebuyers from banks and building societies has fallen from 15,599 last July to just 5,785, the Daily Mail reported Wednesday.
Britons looking to finance the purchase of a home face almost daily changes in criteria, including larger deposits and higher interest rates, the British newspaper reported.
Henry Pryor of the property Web site Primemove.com says the increasingly tight mortgage situation is having a major impact on home sales. Only one in three sellers has found a buyer so far this year, Pryor said, and home prices are typically down 10 percent to 15 percent.
The Council of Mortgage Lenders projects there will be a $60 billion "funding gap" this year. That's the difference between the amount borrowers want and the money available.
The financial information firm Moneyfacts says it found the number of mortgage deals available to homebuyers from banks and building societies has fallen from 15,599 last July to just 5,785, the Daily Mail reported Wednesday.
Britons looking to finance the purchase of a home face almost daily changes in criteria, including larger deposits and higher interest rates, the British newspaper reported.
Henry Pryor of the property Web site Primemove.com says the increasingly tight mortgage situation is having a major impact on home sales. Only one in three sellers has found a buyer so far this year, Pryor said, and home prices are typically down 10 percent to 15 percent.
The Council of Mortgage Lenders projects there will be a $60 billion "funding gap" this year. That's the difference between the amount borrowers want and the money available.
© 2008 United Press International. All Rights Reserved.
This material may not be reproduced, redistributed, or manipulated in any form.
This material may not be reproduced, redistributed, or manipulated in any form.
» Next in Business:
Cincinnati sets 'living wage' at $9.23
Latest Headlines
- Judge denies motion to delay Kelly trial
- Panel: FBI slow to join terrorism fight
- Judge says young girl 'welcomed' pedophile
- Honda FourTrax Foreman ATVs recalled
- UPI NewsTrack Entertainment News
- Young Europeans use alcohol to get sex
- Fingerhut pressure washers recalled
- Cattrall says male actors are vain, too
Most Popular
- Fritzl recalls start of incest family
- Murder charge possible in incest case
- Food group resumes relief trips to Myanmar
- Lebanese MP asks army to protect Tripoli
- Young Europeans use alcohol to get sex
- Canadian train quarantined after death
- Canada to probe U.S. warships sunk in 1813
- UPI NewsTrack TopNews