http://www.bloomberg.com/apps/news?pid=20601109&sid=aLHJ4TKSRS90&refer=home
The changes add to evidence that homeowners are finding it more costly and difficult to borrow in Britain after a collapse in the U.S. mortgage market dried up credit around the world. That may hurt house prices, which tripled in the last decade to an average 198,915 pounds ($404,000) because banks were allowing homebuyers to take on loans of up to five times their income.
``The same person trying to get a mortgage will find the situation more difficult now than three months ago,'' said Fionnuala Earley, chief economist at Nationwide Building Society, the U.K.'s fifth-biggest home lender. ``Some lenders will reassess how much they want to lend. You're not going to stretch yourself for volume in a market you think is a little risky.''
The changes add to evidence that homeowners are finding it more costly and difficult to borrow in Britain after a collapse in the U.S. mortgage market dried up credit around the world. That may hurt house prices, which tripled in the last decade to an average 198,915 pounds ($404,000) because banks were allowing homebuyers to take on loans of up to five times their income.
``The same person trying to get a mortgage will find the situation more difficult now than three months ago,'' said Fionnuala Earley, chief economist at Nationwide Building Society, the U.K.'s fifth-biggest home lender. ``Some lenders will reassess how much they want to lend. You're not going to stretch yourself for volume in a market you think is a little risky.''
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