Mortgage Conditions Deteriorate
July 2nd, 2008 | by admin |The UK economy has shown signs of increased weakness, which has done nothing to help the beleagured mortgage sector.
Under strict lending criteria, banks have seen a dramatic fall in the number of mortgage approvals they have been able to make. According to Bank of England the number of mortgage approvals has fallen to 15 year low.
Inter bank lending rates have increased as financial institutions try to improve their fiscal positions. The cost of fixed rate mortgages has risen and the deposit required has increased.
