UK Money News
20th December 2007
Help with finance 'harder to find' in 2008
Consumers may find it harder to obtain finance during the course of 2008, according to the chief economist of the Royal Institution of Chartered Surveyors (Rics).
Simon Rubinsohn states that the impact of the credit crunch will mean that borrowers will find it more difficult to secure personal finance aid during the course of next year.
He states this is because the impact the crunch has had on the market will "dissipate slowly".
The money news comes as the Repossessions Advice Centre states a number of people will experience limited remortgage options as "lenders have just stripped out all the criteria of what they would accept".
In addition, the centre also states that some borrowers will see their own mortgage rate increase from 5.5 per cent to 8.5 per cent.
However, Rics did offer some more positive information on the housing market. It predicts that potential falls in the Bank of England base rate will help provide the market with a "stable platform".
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