Professional mortgage market could avoid credit crunch effects
February 6, 2008 by admin
Filed under News, News-Mortgages
Consumers looking for a professional mortgage are “best placed” to escape the effects of the credit crunch unscathed, claims one housing market expert. 
Scottish Widows said that the recent economic turmoil had caused a reduction in the number of 100 per cent mortgage products available.
It could also lead to the remaining products becoming more expensive.
However, Richard Clark, head of product development and marketing for Scottish Widows, said: “The impact on this area of the market has been very much less than everywhere else because there are lenders who haven’t changed any of their criteria for professionals at all.”
Those customers who are looking for a professional mortgage are the “best placed” to get an expanded loan to valuations or income multiples on their salary, he added.
Mr Clark concluded that it could be that the only lenders who are prepared to offer 100 per cent mortgages could be those who specialise in the area.
At the end of January 2008, the BBC reported that the number of new mortgage approvals had fallen for the seventh consecutive month in December last year.
