Wednesday, Jul 08, 2009
Mortgage Lenders Have Shut Up Shop
Estate Agent Today: Buyers left in the lurch as lenders shut up shop
"It says that at the height of the market, in August 2007, first-time buyers could choose from 20,000 deals, but now have 1,195.
Home owners could pick from 30,000 mortgages, but now have a choice of just 2,283.
Peter Bolton King, chief executive of the NAEA, said mortgage lenders had shut up shop. He called on the Government to apply pressure to get them lending again. "
Of course the BIG question is WILL THEY? Or will they allow the market to find its own level ?
Posted by sybil13 @ 07:40 AM (477 views) Add Comment
3 Comments
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1. will said...
I think that the lenders will certainly let the market fall to affordable levels, because at those levels the lenders will sell many more mortgages then they currently do. Best business practise is higher turnover, not to sell to a few at high prices.
2. str 2007 said...
But how many mortgages do you need to choose from.
I personally get bored after looking at about 5.
Not that I need a 90% LTV but I noticed that for 1st time buyers 90%LTV is readily available with sensible interest rates below 5%. No more than back in 2005.
3. mander said...
Peter Bolton King, chief executive of the NAEA, said mortgage lenders had shut up shop. He called on the Government to apply pressure to get them lending again.
Comedy club chief advises lenders to go bust and push people into negative equity in order to help the economy. I am affraid that times will come when we all have to work hard to help the economy.