Credit crunch has hit 25% of mortgage transactions

Credit crunch has hit 25% of mortgage transactions

According to new research by GE Money Home Lending, one in four mortgage transactions handled by UK brokers has been adversely affected by the credit crunch. Since the crisis hit the global banking market in September, some 87% of all brokers have felt the consequences, with lenders withdrawing products at short notice or changing lending criteria or pipeline dates. “During these challenging times there will inevitably be changes to ranges with shorter notice periods, but communication is key and lenders should endeavour to give brokers reasonable notice of alterations in product ranges and changes to pipeline dates,” said GE Money sales director, Duncan Berry. “Brokers are not a naive bunch, so have a realistic attitude when it comes to lenders changing ranges in the current market.”