Mortgages 'still available'

14-Aug-2008

Despite concerns over the credit crunch and the limited availability of mortgage finance, there continues to be a wide range of products available to both existing borrowers and first-time buyers, it has been suggested.

According to HSBC, one in ten people are considering moving home or stepping onto the housing ladder for the first time, but have chosen to delay for at least another six months.

The firm noted that 37 per cent said they were waiting for house prices to come down and 36 per cent were concerned about the rising cost of living.

Only two per cent claimed they were having to wait because they could not obtain a mortgage.

Martijn van der Heijden, UK head of mortgages at HSBC, said despite the widely-held belief that banks were no longer offering mortgages as freely as they were, it is not the main reason people are delaying heir purchase.

"Anyone keen to buy a home still has an extensive range of mortgage options," Mr Van der Heijden remarked.

There continue to be "competitive" mortgage rates on offer from "responsible" lenders, he said.

Recent figures from the Council of Mortgage Lenders suggested that mortgage lending was subdued in June.

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