LONDON: UK lenders responsible for 12% of the nation’s mortgages are tightening standards for loans on house purchases, withdrawing offers and raising the cost for borrowers with less than perfect credit.

Merrill Lynch Mortgages unit said on Wednesday that it raised its interest rates. Northern Rock, the Newcastle upon Tyne building society that had 8.4% of the market last year, and Residential Capital’s GMAC-RFC unit, with a 3.5% share, said they stopped some offers and lifted costs for others. Deutsche Bank did the same, while Investec’s divisions have stopped subprime lending.

Source: Business Standard, Aug 31, 2007.
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  • Hi,

    Hi All,

    I joined this forum 2 days back.

    Good to see a forum dedicated to Indian Real Estate. I am a Research Analyst with a brokerage firm in Mumbai & track the real estate & construction sector.

    Hope to start interactive discussions with u all in coming time...

    Have a nice day...