Released on: April 2, 2008, 10:23 pm

Press Release Author: amenda dorothy

Industry: Financial

Press Release Summary: The lenders in the UK financial markets are only dealing with
creditworthy borrowers and the relaxed lending terms are now a thing of the past.

Press Release Body: London (Loans-park) April 1, 2008: The effect of the global
financial crisis is feeding through to the homeowners who are left to face high
borrowing costs in the market. The sharply increasing mortgage costs with big,
reputed banks and the well-known building societies have resulted in tightening of
lending criteria for the borrowers. Million of homeowners in the UK have to remain
content with narrowing mortgage opportunities and high borrowing costs.

The lenders are by and large holding out a message that they no longer want to deal
with borrowers who are risky propositions to them. This is in stark contrast to the
relaxed lending in the past few years. Some of the big names in the lending industry
like HBOS, Nationwide and Lloyds TSB have raised the interest rates on their main
products. This trend among the leading lenders in the market is continuing since the
past few months.

Even the smaller lenders, who are now inundated by loan applications as the big
lenders raise their cost, are either restricting the lending or withdrawing from
their products at an alarming rate. Louise Cuming, head of mortgages at
Moneysupermarket.com said: "The free availability of credit that we\'ve seen for the
past few years will all but disappear and that will be the pattern of the next two
or three years."

The experts say that the first time buyers will be amongst the hardest hit followed
by the 1.4 million borrowers who are coming off their short-term fixed rate deals in
this year.

For additional information on the news that is the subject of this release (or for a
sample, copy or demo), contact Webmaster or visit http://www.loans-park.co.uk


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