Mortgages harder to get

Well, it looks like the borrowing boom of 2006/2007 is well and truly over in 2008.

First Direct Bank and the Skipton and Derbyshire building societies have all declared this week that they are no longer taking any new customers seeking a mortgage or remortgage.

As the number of mortgage offers available drops to just over 4,500 (it was over 15,00 last summer), the competition is reducing which means that many homeowners and would-be homeowners are being backed into an even tighter corner.

There is also the worry that many people could find they are in negative equity if property prices fall as is suspected.

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