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Mortgage affordability `crunched for less well off`

18/10/2007

The recent credit crunch and the way the financial markets have reacted will mean it is much harder for those less well off to get mortgages, an industry expert has claimed.

However, door step lenders are less likely to be as affected by global financial crises as they work on a significantly different system to high street lenders, Credit Action stated.

Door step mortgages do not affect a consumer`s credit rating but are not always the cheapest of loans, a spokesperson for the financial charity said. While the credit crunch will make it harder for those with smaller budgets to get a mortgage, the spokesperson suggested that by shopping round, there are still deals to be had.

She continued: "Most people aren`t going to pay higher rates of interest than they have to. So most people would rather go to traditional high street creditors and if they turn you down you would then have to go to a more expensive one."

Credit Action is a national money education charity established in 1994.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according