A perspective from across the pond, as our American cousins view the UK’s “looming mortgage crunch”. Bloomberg (the US financial news organisation) has interviewed several brits, including a couple of consumers, a mortgage broker, and an independent financial advisor. The news seems fairly bleak to those borrowers who’re already stretching themselves. From the article:
“Ben Craster says he’ll be drinking less beer this summer, and Christine Baines is cutting back on clothes and cosmetics. They’re among the millions of Britons preparing for a mortgage crunch.”
Plus:
“‘We have a fixed-rate squeeze coming,’ said Alan Clarke, an economist at BNP Paribas in London. ‘Consumers are going to bear the brunt of a slowdown.’”
Read more at the Bloomberg site here
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