Difficult lending market may lead people to find flats to rent in London
Some of the hardest mortgage lending conditions for two decades may lead Britons looking to buy a home to consider finding flats to rent in London.
Catherine Hearnden, director at MyMortgageDirect, said she has noticed money lenders are making it more difficult for people to prove their income and borrow finance now than what she has experienced over more than 20 years in the industry.
"If it carries on like this it is … certainly going to keep things slow because they just seem so unwilling to lend," she noted.
Ms Hearnden added that she is amazed finance is harder to acquire now compared to six months ago and money lenders' willingness to give out mortgages has declined.
Earlier this week, the Council of Mortgage Lenders reported that while gross finance borrowed by people looking to buy their a home remained unchanged in October - compared to the previous month - at a figure of £12.4 billion, the amount borrowed represented a nine per cent fall on the £13.6 billion lent to homeowners in October 2009.
By Chris Price
Published 19th November, 2010
© 2010 Estates IT Limited
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Money lenders remain unwilling to offer money to people looking to buy a home, it has been noted.