Deficit 'could drive up' mortgage lending cost
first-time buyers are learning that the cost of mortgage lending could be driven up by the national budget deficit, according to a UK body.
The Association of Mortgage Intermediaries released its latest Quarterly Economic Bulletin, which analyses the economy and the housing market.
Its bulletin outlines "concerns" about the size of the budget deficit and "the long tern impact on the nation's finances".
Gross mortgage lending was predicted to be approximately £150 billion for 2010, far below the 2007 peak of £363 billion to house hunters and the AMI stressed that the government needed to "work harder to get lenders lending again".
This follows the comments of Ben Wilkie, editor of What Mortgage, who stressed that house price growth was "likely".
News that the UK budget deficit could increase the cost of mortgage lending might encourage more people to consider looking for property to rent in the London borough of Harrow, or elsewhere in the country as a result.
By Martyn Glynn
Published 7th May, 2010
© 2010 Estates IT Limited
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More people may be encouraged to look for property to rent in the London borough of Harrow, or elsewhere in the country, after a UK mortgage body suggested a continued budget deficit will drive up the cost of lending for first-time buyers.