Long-term mortgage 'problems' could hit market
People who are looking for property to rent in the London borough of Epping Forest or elsewhere in the country are being told the UK faces problems in the mortgage market, that could affect first-time buyers.
The Council of Mortgage Lenders (CML), a trade association for the industry, said the removal of a number of government and Bank of England measures may affect those looking to take out home loans.
Bernard Clarke, a spokesperson for the body, talked of a "longer-term problem" of filling a "funding gap that may be left by the taking away of initiatives to boost liquidity made over a number of years".
Although Mr Clarke said that it is "too early to say" whether the announcement of a coalition government will succeed in calming the market down and help prospective buyers, he confirmed the CML would actively seek meetings with the new administration on the issue.
This follows figures from the Bank of England that showed the cost of a mortgage is falling, but the number of approvals was below the six-month average.
By Martyn Glynn
Published 14th May, 2010
© 2010 Estates IT Limited
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More people may consider looking for property to rent in the London borough of Epping Forest or elsewhere in the country after a UK mortgage body warned of a "longer-term problem" facing the home loans market.