Banks will not stop lending

Published: April 15, 2008

Britons will still be able to get a mortgage quote and take out a loan despite the global credit crunch.

That is according to Equifax, which said that it has not become impossible to take out a mortgage.

The company pointed out that banks are in a situation whereby they need to lend money to customers.

With this in mind, potential homeowners will be able to approach them for a mortgage quote and secure a deal.

"The banks still have an appetite to lend money… Banks are not going to stop lending money; they have to lend money to make money, so they'll continue to lend money but will just be a little more investigative when an application is being made to make sure that it's the right person who's going to repay them," said Neil Munroe, external affairs director at Equifax.