The impact of the credit crunch

The global financial crisis, the financial stocks in recent months has dominated, continued to cause their mischief throughout the United Kingdom. As he made his way across the Atlantic last summer's credit crisis is havoc on the entire financial sector, and has things difficult for creditors and consumers. Many lenders have been hit hard by the crisis, were more difficulties in financing the wholesale money markets and are associated with additional costs,Lending between banks. This means that lenders are becoming more difficult and more expensive, requires funds to increase their loans for financing.

They have found in recent months an increasing number of consumers who are trying to reach any kind of credit became more difficult and expensive, and because the measures taken to try to lending institutions to protect themselves as much as possible before the impact of the crisis. Lenders have different rates on financial instruments moreProducts, including mortgages, loans and credit cards, and even increased their lending criteria, so that many consumers in the cold when it comes to funding. Many products on the market for several years, and have changed their lending criteria, Take that affected the ability of many consumers to finance.

The mortgage industry has been influenced mainly by the impact of financial crisis, with manyChanges to the loan, lenders are trying to solve the problems caused by the financial crisis. Since last summer, before the credit crisis has taken the number of mortgage products has fallen by two thirds, leaving consumers with few options. The property has been severely affected, and is the result of lenders withdrawing 100% and 125% mortgage, which are increasingly popular Serbian for first time buyers with little or too much. The situation wasmade worse by lenders now require a deposit of more than the traditional 5%, their best offers access to some lenders requiring up to 40% of the value of property through a deposit of "access at competitive prices.

People with bad credit have also been affected because lenders are more cautious of who gives and makes people with bad credit face an increased risk of rejection by the credit line of the global credit crisis.A combination of these cuts and changes in the mortgage and financial markets in general, has led to serious difficulties for many people is, and industry experts, including officials of the bank have said that the situation is likely to continue throughout the 'year.