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Around 10,000 different mortgage deals have been withdrawn by banks and building societies feeling the effects of the credit crunch, research has revealed.
Last July homeowners had a choice of 15,599 deals, which has now been cut down to just 5,785.
These figures show a growing problem for those looking to buy a property or remortgage, especially as millions of people will be coming to the end of their fixed mortgages’ term this year.
Recent studies have shown that the majority of people in Britain are worried about their finances with a third unsure how much longer they can last. Other evidence has shown that since the credit crisis begun people are raiding their retirement funds and savings in order to keep up.
This is sign of the growing economic slowdown that was predicted since the crash of the American sub-prime mortgage market and the ensuing credit crunch.
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