As house prices are reported to have recorded their first annual fall for the first time in 12 years the mortgage lenders also appear to be changing their business strategies.
Houses prices apparently fell by over 1% on those recorded last April and many are reporting difficult times to come. Halifax who are Britains biggest mortgage lenders have now stopped offering their standard variable interest deal to new customers. As of the 3rd May new business customers have not able to get this most popular mortgage offer.
Halifax blame the change, on the amount of customers who used the same for its short term benefit before moving on to an alternative provider offering yet another special deal.
Whilst this consumer strategy comes as no surprise it does indicate yet another tightening of the belt exercise for the mortgage industry more speculation of the on going credit crunch particularly for new customers and borrowers.Given the fact that Halifax is the UKs largest and most popular mortgage lender it will come as no surprise to see many other lenders following suit on the same strategy over the next few months.