It has been recently reported that 23,000 mortgage products have been removed from mortgage intermediary’s market place in the last six months.

Last year, in fact only last August there were over 45,000 products on various data bases but in February 2008 that had fallen drastically to just short of 22,000 – This massive drop is over 50% in only 26 weeks.

The figures above can only demonstrate how fast the credit crunch has grabbed hold of the mortgage market.

Basically the mortgage underwriting criteria has been tightened for lenders and the industry news from most of the leading lenders express views that this will continue to have a significant impact on not just intermediaries who sell the mortgages but the first time buyer market. Many lenders will continue to tighten their grip on what money they are prepared to lend. This has an impact on the rest of the market place and many house owners are choosing to use a company like Fast Property Sale.net so they can free up cash fast as there is a major slow down in the market place.

Recently only as far back as Dec 13th 2007 Gordon Brown praised a joint initiative launched by central banks from across the world to tackle the international credit crisis.

The Prime Minister himself said “today that the move - involving the Bank of England, European Central Bank, the Bank of Canada and the Swiss National Bank - could be a model for future co-operation between financial institutions".

The banks later announced they would:

Each of the banks announced that they would drive additional financial reserves into their own monetary systems in a bid to ease any freeze in wholesale money markets.

For the short term either stay put and weather the storm out or consider your options and use someone like Fast Property Sale.net as a solution to your financial needs.

Date Published 11/03/08 - Copyright Fast Property Sale