Competition for the best mortgages may increase as the market reduces.
Competition for mortgages may increase as major lenders such as Santander dramatically reduce their share of the market by offering less loans. Other lenders may not be willing or able to fill the gap in the market.
Recently published figures suggest that the Spanish bank's lending through brokers such as Deal Direct, has fallen from a quarter to around 14%. It has been predicted that this could drop further if the eurozone crisis worsens. There are signs of other major lenders limiting their lending by restricting products or introducing stricter criteria for loans.
Council of Mortgage Lenders figures suggest that lending peaked in March this year and has been falling since then. While the price of properties is reducing in some areas, there are reports of difficulties in getting mortgages approved. Deal Direct are constantly securing deals available from a wide range of lenders, our advisers can help you get the best offers in the market.
There are still some very good deals available but you may have to search harder to find the best offers as they are not necessarily coming from the major lenders. A number of smaller lenders and new lenders are emerging in the market and other potential lenders are awaiting clearance from the Financial Services Authority.
As a whole of market adviser Deal Direct has access to mortgages from lenders throughout the market. Call us for impartial advice and help to make a successful application for the best offers while they are available.
Contact Deal Direct today.
