Mortgage funding gap "looming" in coming years
first-time buyers looking to secure a home loan were told the market faces a funding gap over the next few years that could hinder any recovery being made by lenders.
The director general of the Council of Mortgage Lenders Michael Coogan called on the government to reveal its plans to address the shortfall facing the sector in the near future and said it needs to tackle the problem soon.
He said: "Unless funding issues are addressed, any recovery in lending may well be curtailed as the repayment date on the support schemes gets closer."
This follows comments by the head of the Home Builders Federation Stewart Baseley who also called for government action on planning to avert a crisis that might affect first-time buyers.
News of potential problems facing the mortgage market may persuade more people to consider looking for property to rent in the London borough of Merton or elsewhere in the country as a result.
By Andy Britten
Published 25th May, 2010
© 2010 Estates IT Limited
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More people may look for property to rent in the London borough of Merton or elsewhere in the country after a mortgage expert warned of a potential funding gap facing lenders.