The big fear among media commentators, economic pundits and politicians is a 'frozen credit market'. Could we unpack what that would mean for a bit with some real world examples?
Can anyone come up with any anecdotal examples of this happening right now and the practical effects of this? I know there are scenarios being spun, and having been in the UK for the first six months of this year, I found that some practical examples so far include:
a) Banks demanding higher deposits (in some cases up to 25%) for a mortgage
b) Number of mortgage products reduced significantly.
PS. The rule on this thread is to post like robots