23 Jul

Expert: UK mortgage lending will stay the same

Expert: UK mortgage lending will stay the same

It would appear as though mortgage lending has stabilised in the UK, according to one industry expert.

Catherine Hearnden, director of MyMortgageDirect, explained that as long as house prices remain stable, the housing market is now over the worst effects of the recession.

However, she does think that more help could be given to first time buyers and homeowners without a great deal of equity.

Ms Hearnden adds that mortgage lending will remain at its current rate because "if property prices stay as they are, too many people are trapped in quite a high loan to value situation where the lenders aren't offering competitive rates".

According to the Council of Mortgage Lenders, the average first time buyer deposit was 24 per cent in January, the largest figure on record.

Despite this, people were able to obtain credit because lower interest rates and income multiples made payments easier.ADNFCR-1222-ID-19276998-ADNFCR

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