Housing Prices May Crash - Part 4
Biggest Lenders Surveyed
The Bank of England performs a regular survey of the country’s biggest lenders. This survey was published April 7. In the survey information showed that the mortgage issues would continue to get more serious over the next three months.
As consumers we should not expect for any of the mortgage deals to return and we may see even more reduction on the current market. Lenders have said that more of the mortgages will disappear, but worse than that those remaining on the market will be more expensive in the months to come.
On the market there were 4754 mortgage deals at the beginning of April 7th. At the end of the day on April 7th this amount was reduced to 4329 mortgages. To give you a little perspective: before the mortgage market began its crisis there were 15,500 mortgages available to consumers. This is more than 10,000 mortgages being removed from the market. Woolwich has had the biggest changes in the last few days.
They have actually increased their interest rates on the lifetime tracker mortgage. This is the second time in one week that they have raised their rates. Other companies are going to continue in this change as well.
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