Cheap credit drying up in Britain’s mortgage market

The mere idea that a mortgage provider would suspend its most popular loan offers due to oversubscription would have been fanciful a year ago.

5th April, 2008

The mere idea that a mortgage provider would suspend its most popular loan offers due to oversubscription would have been fanciful a year ago.

The decision to do so by a number of lenders last week is an indication of just how scarce cheap credit is becoming in Britain.

Whereas most mortgage providers failed to pass on the recent Bank of England cut in interest rates to customers, First Direct, the Co-operative, Lehman Brothers’ Southern...

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