What the papers say - 1st October 2008

What the papers say - 1st October 2008

The majority of midweek money articles focused on Bradford & Bingley’s nationalisation and what is means for the bank’s savings and mortgage customers.  The Daily Mail looked at what affect the banking crisis is having on the nation’s personal finances, including how it will change residential and buy-to-let mortgages. Reportedly, the number of mortgages to choose from has fallen by more than 1,000 in the past year and lending criteria for buy-to-let loans has become much stricter. The Times noted that around 10 per cent of mortgage deals were pulled on Monday because lenders no longer had the money to finance them. Brokers gave warning that there were more rate rises to come after the total number of residential mortgage deals fell within hours by 445, to 3,469. The number of buy-to-let deals fell from 662 to 481.

The Daily Express explained there are literally thousands of mortgage products on the market and that trawling through comparison sites can give an idea of the cheapest deals. But with so many variables and so much to think about when choosing a mortgage, going to a broker for advice will be the best option for many.

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