How has the credit crunch affected mortgages in the UK?

Is it better now to get a fixed or variable rate? Who's doing the best deals right now? And who can I trust?How has the credit crunch affected mortgages in the UK?
The banks have removed 100% deals and it's harder to get a mortgage.





I'm not a mortgage/financial adviser so I won't answer whether a fixed or variable rate is best for you.





I would speak to a mortgage adviser I did and I found him very helpful and explained to me about the rates and found the best deal for me.How has the credit crunch affected mortgages in the UK?
Most of us are aware of the negative impact that the global credit crunch has had on the financial markets, affecting everything from mortgage lenders and unsecured lenders to credit card providers. Consumers have been affected by the effects of the global credit crunch, with credit conditions becoming tight and access to finance becoming more and more restricted.





If you can get a decent short term tracker rate this might be a good bet, many lenders have increased there tracker rates over the last week. If you prefer to be able to budget for your monthly mortgage payments and believe that interest rates will increase over the long term the a fixed rate deal may be a better bet. Most of my clients have been taking fixed rates as they like to be able to budget for their mortgage payments.





Who can you trust, as far as the lenders are concerned you have to remember its them lending you the money of a contracted rate, not you saving with them. If looking at a mortgage you will be best putting your trust in a independent mortgage adviser, but make sure you ask if the adviser covers the whole mortgage market or only a selected few lenders.





Disclaimer:


The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.impartial.co.uk.



It's much more difficult to qualify although housing prices are down and expected to go lower.