Interest rates on mortgages issued by some banks have increased recently, while others have taken measures to tighten up their rules on lending, especially to those with a poor credit history.
Fionnuala Earley, of Nationwide building society, says;
“The same person trying to get a mortgage will find the situation more difficult now than three months ago.”
Changes are being made now in the UK to prevent a similar episode to what the US has recently experienced with their sub-prime market.
There are thoughts that this may also now affect house prices - probably no bad thing considering how the average house price has tripled over the past decade.
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