'Seismic shift' in mortgage market
The editor of Britain's best-selling personal finance magazine has warned that a fundamental change is occurring in the UK mortgage market.
Rebecca Atkinson, news editor of moneywise.co.uk, said that although there is still demand for new mortgages, the longer-term prospects of the market are now uncertain.
Despite not relying on the wholesale market, First Direct recently announced it was curtailing its mortgage lending - a move which Ms Atkinson said is indicative of a broader shift in attitudes towards borrowing.
"The reason they have a problem shows the wider impact of the credit crunch," Ms Atkinson explained. "It's not just about the liquidity crisis, it's also about this idea of not wanting to take every single bit of business that comes their way.
"At the moment they don't want large volumes of lending, they want good quality customers," she added. "They don't want to go crazy and lend, lend, lend."
Ms Atkinson went on to say that while some people are still looking to get onto the property ladder, "how long that will last remains to be seen".
According to government figures, the number of owner occupiers in the UK fell by a record 83,000 last year.
Published 9th April, 2008
© 2008 Estates IT Limited
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The editor of Britain's best-selling personal finance magazine has warned that a fundamental change is occurring in the UK mortgage market.