14 Sep

Mortgage loans 'should rise in September'

Mortgage loans 'should rise in September'

Homebuyers should not be too concerned over securing the finance to purchase a house for sale in the UK after one property expert predicted lending to increase this month.

According to mortgage advice company Alexander Hall, August 2010 represented "the lowest point" of the mortgage market.

Chief operating officer Andy Pratt was speaking after the Council of Mortgage Lenders (CML) revealed yesterday (September 13th 2010) that demand for home loans in July was low.

Findings showed that while there were more mortgages advanced compared with the previous month, the figures indicated the housing industry is a "very weak market".

Mr Pratt said that there are expectations that August could be even worse than July but estimated that results from September should show some positive signs the industry is improving.

"There is always a good increase [around] September - there is stock on the market," he added.

Mr Pratt stated that first-time buyers could particularly benefit from these developments as some providers will start offering higher loan-to-value products. ADNFCR-1222-ID-800064819-ADNFCR

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