Tighter mortgage outlook from the BoE

Jul 3 2008 By Sion Barry Mortgage availability will continue to fall in the coming months as lenders tighten their lending criteria in the face of rising defaults, the Bank of England said today. Banks said they had reigned in mortgage lending during the three months to mid-June, with many anticipating further cut backs during the third quarter as the economic outlook continues to worsen. They also plan to further tighten their lending criteria, with continued increases in the size of the deposits they demand from borrowers, although the cost of mortgages looks set to remain broadly unchanged. Keep up to date with the news.... [read full story]