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Lenders reel in their mortgages
Thursday, 18 October 2007
Life after graduation
Many of those looking for graduate jobs will be hoping that their new careers will allow them to take out a mortgage in the near-off future.
However, according to a mortgage expert, lenders have been withdrawing their products from the market since a peak in July while the total number of buy-to-let and residential mortgage products available has fallen a staggering 40 per cent in the last three months.
This has occurred despite an "extremely buoyant start to 2007, both in terms of the number of products to choose from" with a growth of 22 per cent in the first six months, said Julia Harris, mortgage expert at Moneyfacts.co.uk.
She added: "But since its peak in July, products have been flying off the shelves.
"Within three months, what was the fastest growing mortgage market is now suffering the biggest decline. In general it's the higher risk products, which have been pulled, while many existing products have also seen more conservative limits applied."