2 Mar

Survey suggests better times ahead for mortgage market

Survey suggests better times ahead for mortgage market

A new poll has found widespread optimism about the ability of the UK mortgage market to recover from its present difficulties.

The Intermediary Mortgage Lenders Association (IMLA) survey of its members has found that 75 per cent believe the securitisation and whole loan sale markets for prime mortgages will be back up and running by 2011.

In addition to this, 73 per cent said that the UK economy will be getting stronger in 2010.

Such a recovery may help increase the availability of mortgages for groups such as first-time buyers and buy-to-let investors.

Executive director of the IMLA Peter Williams commented: "The securitisation funding model is basically sound and I think it's realistic to expect activity to resume gradually when industry reforms and the government asset guarantee scheme is finally up and running."

The comment on the asset guarantee scheme was echoed by the Royal Institution of Chartered Surveyors, which said that mortgage finance will only be increased by ten per cent through the recent pledges to lend more by HSBC and Northern Rock.

Because of this the government should make "speedy" progress with instigating the asset plan, it stated.
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