Mortgages 'rationed' to new buyers
first-time buyers are being told that mortgage lending will continue to be rationed for the foreseeable future.
Michael Coogan, director-general of the Council of Mortgage Lenders (CML), stressed that the government must intervene to help the industry deal with repayment of emergency support offered during the height of the economic downturn.
He added: "The UK is at risk of a chronic under-supply of credit - and the rationing of mortgages for customers - for years to come."
The CML's latest data revealed that home purchase loans had increased by 45 per cent in the 12 months to March, but remortgaging fell by 29 per cent in the same period.
With predictions of continuing mortgage problems and affordable housing campaign body PricedOut.org.uk warning of a "social and economic crisis" facing house hunters, perhaps more people will look at property to rent in the London borough of Croydon or elsewhere in the country.
By Andy Britten
Published 20th 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 Croydon or elsewhere in the country after a UK body predicted that mortgage "rationing" would last for a number of years.