The jumbo mortgage market has been largely unaffected by the credit crunch, which is now in its 13th month, according to mform.co.uk.
Brits purchasing properties worth more than £500,000 have seen very little change in the mortgage market. Wealthy borrowers are viewed as good risks by lenders.
In contrast, the number of mortgage products has fallen for most home buyers, many of whom are buying new homes priced between £70,000 and £300,000.
More than one in three high street lenders offer loans for as much as £500,000. There are 34 mortgage lenders willing to finance properties valued at £1 million or more.
"The jumbo mortgage market is relatively cushioned from the credit crunch as borrowers are obviously wealthier and will generally have high levels of equity or big deposits," said mform's Francis Ghiloni.
Last week, estate agent Knight Frank announced that it had reclassified Marylebone in London as a prime property area.
See Also: Property News (6705)
Date Published: 13 August 2008
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