Most people had not even heard of the `Global credit crunch`, before it arrived from the United States last summer. But it has now become the term on everyone’s lips, with far reaching consequences for the financial sector.

The credit crunch has been causing chaos for customers, lenders-and other aspects of the financial industry.However, one of the worst hit has been the field of mortgages. It has lead to many changes, that has been tough on customers, the economy and the housing market.

Those especially hurt have been first time buyers and people with poor credit histories.

Before the credit crunch hit, there were over fifteen thousand mortgage products on the housing market. So consumers had plenty of choice. However, within six months, there were less than a third of mortgages available. With lenders having to call off mortgage deals, through lack of financing.

Lenders have had to become more strict, and less adventurous, about whom they loan money to. Instead, deciding to concentrate on those that have good credit, during this uncertain financial crisis.  This has had a knock on effect which has led to the sale of properties going into a decline.

The drop in the number of products available has made it harder to get a good deal in the current climate.  Where going to a mortgage broker,  means that after completing one application, they will look at the market and discover what deals are available to you getting you the best rates available.  They have access to some deals that are not available on the high street to the normal consumer.

The broker will show you what is available to you with no obligation so there is nothing to lose with everything to gain.