5 Jul

Demand for mortgages 'will not decline'

Demand for mortgages 'will not decline'

The demand for mortgages will not drop despite recent findings which indicate that loans are expected to be less readily available, a representative from mortgage adviser John Charcol has said.

Last week, the Bank of England released its Credit Conditions Survey for the second quarter of 2010.

It sparked concern among members of the property industry after it suggested that lenders were tightening how much money they let people borrow.

However, Ray Boulger of John Charcol said that this will not affect the number of people who still want to take out house loans.

"As far as demand for mortgages in both Q3 and Q4 is concerned it is lenders' cautious criteria which will hold it back more than lack of interest from borrowers," he commented.

The adviser added that he expects the property market to "pick up" now the Budget is out of the way.

Despite the Bank of England's prediction that there might be less money to lend to homebuyers, findings from the Building Societies Association last week revealed that the finances lent for homes rose in May.
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