Credit crunch to hit individuals

21-Jan-2008

The credit crunch is likely to hit individuals this year, experts have warned.

The liquidity squeeze that gripped the financial markets at the end of last year has made the lending environment increasingly hostile.

High street lenders are concerned about their exposure and have tightened their lending conditions.

According to Simon Walker, sales director of the property portal Off-Plan International, people looking to investing in property would have to weigh up their options.

"Individuals will obviously be affected because of loan rates," Mr Walker said. "It just depends on who the investor is.

"If someone is re-mortgaging to release equity it's not a good idea, if you are downsizing maybe it's a better idea."

Anyone looking to buy their first property this year is likely to have to shop around for a competitive loan rate.

With such disparities between different regions, many first-time buyers are becoming landlords before they own their own homes.

No rate cut dividend for fixed mortgages Credit squeeze hits mortgage lending


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