A number of mortgage brokers have been stressing the importance of quick action to consumers, stating that in order to get a competitive mortgage they need to act quickly. These brokers claim that competitive mortgages are coming off the shelves so quickly that failure to take fast action could mean that consumers are left with much higher rate mortgages and far less choice. Consumers are therefore warned not to dither and delay if they are looking to take on a new mortgage.

A number of dangers have been highlighted for those that do not make a quick decision with regards to getting their new mortgage. The first is that many lenders are taking their best deals off the market very quickly, so accessibility to these mortgages is restricted. Another danger is that lenders are also quickly changing their lending criteria and this is making it increasingly difficult for some borrowers to get the finance that they need.

Industry professional state that lenders are having to be much more careful about who they lend money to, and are not willing to take risks on higher risk consumers. They are also having to take care with regards to how much they are willing to lend, as their own restricted funds are making it difficult for many to meet demand. The credit crunch and low liquidity levels in the money markets have had a profound impact on lenders’ ability and willingness to offer finance.

Those due to come off cheap fixed rate mortgages in the coming months need to start acting quickly so that they are not left with only expensive mortgage deals to choose from, as this could result in their mortgage repayments rising to crippling levels in some cases.

Recent news:

• Mortgage fraud levels up to £700 million a year
• Mortgage provider was failed by FSA
• 25 year fixed rate mortgages – the experts’ thoughts
• Will additional cash help to ease mortgage markets?
• Crippling mortgage rates for first time buyers with no deposit

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