Homebuyers affected by phantom mortgages

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Homebuyers affected by phantom mortgages

A report details that many would be borrowers looking for mortgages are being affected by phantom mortgages that are being offered by lenders only to withdrawn before the borrower can get the deal. Officials have said a number of lenders have been offering mortgages that do not exist in order to comply with pressure from the government.
A number of mortgage brokers have claimed that lenders are creating phantom mortgages in order to make the government happy after having pressure put on them with regards to increasing lending levels. However, the brokers claim that lenders are then pulling these deals off the shelves before borrowers can sign up to them because in actual fact they do not really exist.
According to one broker: ‘It would appear that some lenders are in the 90% loan-to-value market in name and product - perhaps to satisfy the Government’s request for banks to lend - but the reality is that they don’t want to lend at this level because they feel it is still too risky and reject borrowers who apply.’

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