Money Tips Daily By Charles Kelly, Former Ifa And Author Of Yes, Money Can Buy You Happiness.

Mortgage shortage coming as lenders start to tighten their belts, due to Coronavirus Mortgage loans will be squeezed as lenders reduce number of products Mortgage lenders will start to slash the availability of competitive mortgage products, loans and other credit during the coming weeks despite consumer demand. Banks have informed the Bank of England that the supply of credit will fall this summer due to coronavirus pressures. This will be a blow to the UK economy, the housing market house buyers who need to borrow. The credit ‘crunch’ could mirror the position a decade ago after the financial crisis of 2008, although this recession has not been caused by a banking crisis. The financial downturn led to a withdrawal of loans and mortgage products for first-time buyers and buy-to-let investors. There is only one 2-year fixed-rate mortgage deal for borrowers with a 5% deposit, compared with 137 before the coronavirus crisis, according to Moneyfacts. For those with larger deposits, there is more choice, but the