23 Aug

Mortgage lending conditions 'improve for homebuyers'

Mortgage lending conditions 'improve for homebuyers'

Homebuyers looking to purchase a house for sale in the UK have been encouraged by the positive signs that mortgage lending conditions are getting better.

This is the opinion of Stuart Law, chief executive of Assetz, who said there has been a "substantial improvement in bank lending".

He stated: "We saw that the loan-to-values continued to improve and loan interest rates continued to improve."

Mr Law suggested this indicated a "continued [and] moderate firming up in the market".

He was speaking in response to the recent findings from the Council of Mortgage Lenders which showed that mortgage lending increased by five per cent from June 2010 to July.

While banks lent out £12.9 billion to potential homeowners in June, the following month saw borrowers receive £13.6 billion in total.

Mr Law added that there has been an increase in the number of people buying and borrowing as there are reasonable deals on offer at the moment, which he stated "people are taking advantage of".ADNFCR-1222-ID-800035978-ADNFCR

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