Could flats to rent be solution to high mortgage rates?
flats to rent in the London borough of Hounslow may be appealing to people who do not want to pay the "large" rates lenders are charging on mortgages.
Stuart Law, chief executive officer of Assetz, said the charges facing potential buyers are "excessive".
He claimed that because it is the majority shareholder, the government should encourage banks to lend on "better terms" to their customers.
Alternatively, Mr Law suggested the authorities admit financial institutions are overcharging to make a good return on taxpayers money.
He added the economic recovery in the UK will not be helped by these high rates.
"The banks themselves want to make as big a profit as they can make. It really all sits on the government's desk because they own the vast majority of the banks," Mr Law added.
His comments come after a study conducted by Autonomous Research found British banks add 2.5 per cent to the cost of borrowing, which is twice as much as lenders in Germany, France and the US.
Posted by Chris Price
Published 24th September, 2010
© 2010 Estates IT Limited
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One expert believes the government must do more to decrease the lending charges banks add to mortgages.