Quote:
Originally Posted by OPH
the supposed credit crunch (which is just a marketing ploy from the banksh!!
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Lending is 50% down in the UK.
Only one specialist lender is still actively lending in the UK (GE Money, with rates typically around 9%).
All the dozens of others have either closed or are just managing thier existing mortgage customers. Specialist lenders took about 35% of the market 1 year ago.
Now millions of people cannot access the mortgage market as a result.
Buy to let lending has declined by 85% and rates are around 7% which means the rent will usually only cover the debt on loan to values under 75% now.
Americas 2 largest lenders are on the brink (Fannimay & that other one with an equally odd name)
The crunch is real - 4000 mortgage brokers have left the CML register in the last 12 months and that figure is expected to treble. Industry stats released last week show 4 out 5 mortgages are arranged by brokers, so do not think this statistic is unimportant.