Nearly 70% of UK brokers have been unable to source mortgage deals for their clients in the past two months – before the latest global credit crisis erupted and before today’s nationalisation of Bradford& Bingley.
A survey by the Intermediary Mortgage Lenders Association found that 54% of brokers could not find a loan for a first-time buyer. More than a quarter had trouble placing even mainstream mortgage business.
Peter Williams, executive director of IMLA, says: “Our survey shows how brokers continue to battle to satisfy their customers, but the lack of availability of product is affecting all parts of the market.”
The rescue of buy-to-let specialist lender Bradford & Bingley is certain to lead to a harder clampdown on mortgages, with many existing lenders whose deals are coming to an end being told to source their funding elsewhere.
House buying loans dry up
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Comments
BB well they have paid the ulitimate price for Lender greed, more will follow, they agreed to buy the GMAC sub-prime book on an ongoing basis so they could reap the benifits when those clients came to the end of their 3 year deals and remortgaged back into the mainstream market, but now they can't and BB has to keep them at there now default rate, this will cause even greater arrears as these poor people go onto rates upwards of 9% plus
This all in the name of lender greed, they want the good times but have ill prepared for a bear market. WHAT A SHAME THAT THE BROKER AND PUBLIC ARE THE ONE'S TO SUFFER
i heard that BB had taken on many of the past Gmac loans, of which many of these loans seemed to have been underwritten with much less care/attention to many other banks. So why is Gmac not accountable for selling on 'toxic' like loans that do nothing for our industry or banks reputations. indeed BB were struggling with arrears etc before being bought out, a result of lax underwritting and self cert deals sold on as 'conforming deals' no doubt!!?