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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.
