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The Great Mortgage Disappearing Act
First Direct, which was the most competitive lender on the market, has stopped offering mortgages to new customers. As Sky's Business Correspondent Joel Hills reports, it is not the only lender pulling mortgage deals.
It's the great mortgage disappearing act and it's happening online and on the high street. First Direct is not the first,but it's the most high-profile lender to close itself to new business all together.The bank which is owned by HSBC says the move is temporary,it's not had any trouble,it's simply been swamped by mortgage applications.
It's little wonder there is a mortgage rush on these cheap deals that're becoming harder to find.Last summer,we had the luxury of 15,500 mortgages to choose from, one credit crunch later,and today there are less than one third of that number.In the last week alone,906 mortgages have been pulled by lenders,as are rated just under 200 deals everyday.
This one is from Chuck Riocosta,who rates up yesterday. A court, again, same thing yesterday.
Glen Morris is a mortgage broker,he tells me he's getting daily e-mails from lenders, hiking rates and withdrawing products.After years of plenty, they've suddently become picky.
I believe there's only 100% product left,and we are expecting news of that to go anytime now,even a 95% loan-to-value mortgage now is tough to find.So people without a deposit are gonna find it very difficult in this market,also people with credit problems.
The frustration for first-time buyers like Lian Jacab is that house prices are falling at a time when mortgages are getting more expensive,the trainee accountant still finds herself priced out."Plans for the future ,carry on saving, stay at home with Mom and Dad for a little bit longer."
And tonight, another lender is pulling yet another cheap deal. The Cooperative has suspended its two-year mortgages due to excessive demand-- a sign that this vanishing act is beginning to unsettle borrowers.
Joel Hills,Sky News
