Brits 'losing their nerve' over mortgages

Posted: 09 Mar 2009 11:24:45 GMT

Homeowners who were once keen to offer friends and family advice on selecting a mortgage are now struggling to do so.

Research from financial advice website unbiased.co.uk has found that while 62 per cent of homeowners were previously happy to offer advice to friends and family, 37 per cent of this group now admits to losing confidence in their knowledge.

Homeowners hoping to sell their property, despite the volatile market, may find that demand for homes is so low that selling up could take a particularly long time to find a buyer.

Selling a home online, however, could benefit owners by allowing them to find a greater number of buyers, which could lead to higher offers being made.

Richard Winder, spokesperson for unbiased.co.uk, said: "In today's fast-changing mortgage market, borrowers can no longer count on general rules.

"Throughout the property boom, homeowners felt far more comfortable swapping mortgage or property tips over Sunday lunch. Credit crunch confusion in the mortgage market has since sapped borrowers' confidence."



© Houseladder Ltd