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David Miles, the incoming member of the MPC, has this evening suggested that the worst of the UK recession may be over and house prices may have bottomed out. While there is some scepticism with...
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Saturday 23rd August 2008
News that over 400,000 mortgage applications where rejected over the last 18 months has taken a number of observers by surprise and cast the spotlight back onto the finance sector. While the major mortgage lenders try to grab the headlines with mortgage rate reductions it seems that there may be a different picture behind the scenes.
As we covered recently more and more people are applying a number of times before receiving a mortgage offer with some applying up to eight times but the average around the four level. There are grave concerns that not only are mortgage applicants chasing an offer rather than the best offer but they are ruining their credit rating in the process. It seems that many who see rates falling are just not able to gain access to these offers, instead settling for alternatives which may cause them long term problems.
There is now as little competition in the mortgage sector as there has been in the history of the UK financial sector. Some groups are still turning away applicants who only a couple of months ago would have been accepted as the financial giants of the UK look to consolidate their mortgage books and avoid any new bad debtors. |
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