Homebuyers 'should act fast'

17-Mar-2008

First-time buyers may wish to note that many brokers are advising buyers to act fast on mortgage deals they find attractive, as lenders are swiftly changing the products that they have on offer.

Numerous lenders are spreading their custom across different products and are being increasingly cautious who they lend to, given the current economic climate.

Brokers point out that this means that competitive mortgage deals are being withdrawn at short notice and that criteria are often subject to change.

A survey by Mortgage Monitor discovered that one in 20 of those people approaching the end of fixed-rate mortgages do not know how they will manage their repayments after their current deal ends.

David Hollingworth, of London and Country Mortgages, said: "They are being much more careful about who they are lending to and how much business they take."

However, he went on to say that good property deals are still available, but lenders' concerns over having "all their eggs in one basket" is leading them to pull deals at short notice when they prove popular.

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