Lenders may tighten mortgage criteria by Finance News Bulletin

Published: 16/05/07

HSBC, one of the foremost mortgage lenders in the UK, have tightened their lending criteria following a fourth interest-rate add to this month The lender spoken their concerns amid widespread fears that first-time buyers could be becoming overstretched by their mortgages Another lender, GMAC RFC, the 10th main in the UK, supposed that they would no longer lend in properties in Thamesmead, London This is due to large figure of new-build properties and fears that saturate could cause prices to drop and negative equity to arise

HSBC were clear that borrowers must stay aware of how further interest speed increases will affect them, and that they should ‘stress test’ their mortgage loans Last week the store of England raised interest tax to 55 per cent With almost a million fixed-rate mortgages coming to an end in the next few months, many borrowers are finding themselves financially overstretched

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