Most mortgage deals hit by global credit crunch

It also shows one in every four deals being handled by brokers has felt a direct impact from the current global credit crunch and almost 1 in 5 (17%) claim deals are not being honoured after a decision in principle.

However, most brokers stated they were understanding of brokers problems with 59% saying it was acceptable for lenders to withdraw deals with as little as one week’s notice and 85% of brokers requesting two week’s notice as a reasonable time frame.

Duncan Berry, sales director of GE Money Home Lending, said: “During these challenging times, there will inevitably be changes to ranges with shorter notice periods, but communication is key and lenders should endeavour to give brokers reasonable notice to alterations in product ranges and changes to pipeline dates.”