Gross mortgage lending 'unlikely to increase'

22-Jul-2009

Unless mortgage brokers become more flexible on their loan-to-value for first-time buyers, gross mortgage lending is unlikely to increase over the coming months, it has been claimed.

This is the view of Catherine Hearnden, director of MyMortgageDirect, who explained people will probably not be offered competitive rates if house prices stay how they are at the moment.

However, if the value of property continues to stabilise, it is likely the worst effects of the recession on the housing market have passed, she added.

"But I still think there needs to be more help at the bottom end of the market for first time buyers … because the mortgage products aren't there," Ms Hearnden stated.

Those looking to get their foot on the first rung of the property ladder may be interested to know that figures from the Council of Mortgage Lenders show gross mortgage lending in June was up 17 per cent from April to £12.3 billion.

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