1 Mar

Mortgage lending 'should be made easier'

Mortgage lending 'should be made easier'

In order to help those wanting to go through the conveyancing process, banks and building societies should increase mortgage lending, it has been claimed.

According to Catherine Hearnden, director of MyMortgageDirect, if such institutions did this, the property market would be boosted.

Her comments follow the release of figures by the British Bankers Association, which showed that the number of loans for property purchases provided by high street banks totalled 35,000 in January.

Ms Hearnden remarked: "Loan-to-values (LTVs) must continue to increase and the rates have to become more attractive."

She added that increased LTVs are beginning to be made available.

However, people are now realising that if they want loans totalling a greater proportion of the value of their homes, they will have to pay more for them, the expert went on to suggest.

This, she stated, is part of a growing sense of realism emerging among aspiring property buyers.

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