Flats to rent in London 'may be attractive as available mortgage products fall'
flats to rent in the London borough of Hammersmith may be an attractive option to many people when they hear the latest news regarding mortgage lending in the UK.
According to research conducted by Moneyfacts.co.uk, the number of available products fell during the first two weeks to the beginning of July.
While there were 2,602 different mortgages available in mid-June, this figure dropped to 2,592, Channel 4 reports.
Darren Cook, a spokesperson for Moneyfacts, blamed unemployment and concerns about the state of the economy for the downturn.
"I think the mortgage market has reached a standstill now and we need a trigger to bring about further improvements," the news provider quotes him as saying.
The research also found the speed in which mortgage rates are dropping slowed down during the second half of June.
These results echo the thoughts of Ducalian head of consulting Timothy Lambert, who predicted mortgage approvals will continue to fall between now and the end of 2010.
Written by Charles Mackay
Published 2nd July, 2010
© 2010 Estates IT Limited
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Research shows the number of available mortgage products in the UK is falling.