Money News
13th August 2008
Upper end of mortgage market 'unaffected by crunch'
Mortgage borrowers looking for loans of £500,000 or above are still being offered deals by lenders, despite the constraints in the wider market.
Research conducted by mform.co.uk showed that the fall in the number of products for standard borrowers has not been matched at the top of the market.
The site found that more than 40 mortgage firms offering over 200 two-year deals and 188 five-year deals for mortgages of £500,000 or more.
Furthermore, 33 mortgage lenders are offering 153 different two-year mortgages for loans above £1 million.
"The jumbo mortgage market is relatively cushioned from the credit crunch as borrowers are obviously wealthier and will generally have high levels of equity or big deposits," explained Francis Ghiloni, mform marketing and business development director.
"Lenders are still keen to attract their business as borrowers are seen as safe bets and that is why so many deals are available."
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