latest news

moneyfamily fight the ‘credit crunch’

Much has appeared in the press and on the news about the ‘credit crunch’, but what does it mean to you?

The upshot is that lenders are having to restrict the amount they lend and the result is that borrowers need to have a larger deposit and provide more detailed information to lenders.

A lot of clients are finding they now no longer meet lenders’ criteria due to a tightening of ‘credit scoring’.

Future interest rate and house price movements will also have an impact on lending criteria.

However it’s not all bad news! . . . here at moneyfamily we have a dedicated team of advisers who will tirelessly search the market on your behalf to find the right deal because we have access to wide range of mortgage deals, a large number of these are not available on the high street.

So if you are thinking of moving or need to remortgage in 2008, we can discuss the most suitable route for you – whether repayment or interest only, fixed or tracker is right for you. Remember we’re here to help!

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market watch

At the time of writing, in our personal opinion it looks like the housing market in London and the South East will not see a great deal of change re prices in 2008, at last providing much needed stability.

This shouldn’t concern homeowners as house prices in the UK have almost trebled in the last 10 years!

(source Nationwide Building Society 1997 to 2007)

Interest rates look like they could fall further this year which will make housing more affordable.