If you think the mortgage mess only affects the US, think again. Apparently it’s not, as I have just came across Earth.Co.uk/news. In the United Kingdom, lenders finally, got their wake up call just like many mortgage lending institutions here in the United States.
The credit crunch has taken its toll and it’s really affecting the economy as lenders are now reducing loan value amounts, and the requirements to get approved for mortgages has become more stringent. I can imagine, how though it must be for first time buyers. The one good thing though according to the news, is that other lenders are now accepting guarantors.
I wonder how this affects business owners or would be- business owners that would want to put up their business or expand. Does it work the same way for a Commercial Mortgage?