With lending suffering yet another decline according to the report from the Council of Mortgage Lenders, please see below for comment from credit report provider, Callcredit Check.
London, UK, October 21, 2008 (PRESSbooth.ORG) -- Owen Roberts, head of www.callcreditcheck.com, the credit report provider, comments, “Despite the recent government efforts to re-invigorate the lending market, it is likely that lending criteria will remain stringent for the immediate future. As a consumer it is important to show yourself to be a good credit risk in order to secure the best deals, so checking your credit report is a sensible and informative first step.
“It’s not just first time buyers who are struggling with the state of the property market – our own research shows that 73pc of people who have recently re-mortgaged say that higher repayments are causing them difficulties. As a consumer it’s vital not to overstretch yourself and only borrow what you can afford to pay back. Interestingly, the same research shows that consumers appear to be cutting back on raising extra capital through remortgaging – 28pc of those who plan to remortgage over the next three months are planning to take out over £20k of additional funds, compared to 48pc of people who took out the same amount around 18 months ago. This may be down to consumers cutting back, or it could be a reflection of lenders tightening their loan criteria.
“Any individual who is struggling to make repayments should contact their lender in the first instance or an organisation such as the Consumer Credit Counselling Service to obtain independent advice on the best way forward.”
Contact:
Julia Burchell
07970 720 329
jburchell @ golinharris.com
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