Brokers find hope for borrowers
An investigation into the tightening loan criteria of UK lenders has been undertaken by the Guardian newspaper.
According to the report, there are still attractive loan deals on the market - but consumers need to take the initiative and hunt them out.
For example, Abbey was found to be the only lender still offering 100 per cent - or deposit-free - home loans.
The deal has "no conditions to the creditworthy" but is "pricey" due to its high interest rate, Ray Boulger at brokerage John Charcol told the newspaper.
Melanie Bien at Savills also said that many banks might not have significantly changed their loans criteria when it comes to the amount of money offered to the borrower.
"They assess borrowers on a case-by-case basis - looking at their outgoings as well as income - [and] it is very hard to measure whether they have tightened their criteria or not…we suspect there hasn't been much change here," she said.
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