Mortgage "constrained" to low-risk borrowers - flats in London
More people may become interested in looking at property to rent in London as the leading figure at the Council of Mortgage Lenders (CML) indicated that lenders were constraining their services to low-risk clients.
CML director-general Michael Coogan suggested that these market conditions could make it more difficult for the UK economy to grow.
However, he stated that risky lending was not the reason for the banking crisis, but more to do with financial institutions struggling to refinance their own debts during the credit crunch.
Responding to speculation that Chancellor George Osborne is set to hand more power to the Bank of England to impose limits over what type of home loans such organisations can offer, Mr Coogan added that policymakers should try to avoid solving the wrong problems.
Meanwhile, a cursory look at the CML's own statistics released last month might suggest why property to rent in London or around the UK could be a more attractive proposition, with gross mortgage lending dropping 12 per cent in April.
By Charles Mackay
Published 17th June, 2010
© 2010 Estates IT Limited
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Property to rent in London or around the UK may become a more enticing prospect after the head of mortgage body indicated that home loans are constrained only to those considered low-risk customers.