Mortgage availability is vital to allow bridging lenders to offer loans

More Bad News For Bridging Lenders

Despite recent sharp interest rate cuts the number of mortgage products available to intermediaries has dropped below 3,000 for the very first time!

Only 2,983 Mortgages Available!

Trigold the specialist mortgage product information provider to IFA's and brokers in their march release show that the number of mortgage products has dropped by nearly 20% since January 2009.

The information also shows that there has been a 24% drop in mortgage broker activity between january and februrary. The latest data can only mean that bridging lenders in general will continue to have a hard time accepting loan applications.

Our own anecdotal evidence from associates indicate this may be the start of an upturn, one estate agent we know sold 20 properties last month as against 6 the previous month. If this were to be reflected across the country over the next few months then maybe the mortgage shortage (fund wise) is easing. If so then this can only be good news for the short term bridging loan market!

Submitted by Bridging Loan Broker on Wed, 11/03/2009 - 15:05 Syndicate content | Bridging Loan Feed

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