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Competition 'to return to homeowner loan market'
Homeowners or first-time buyers seeking loans will benefit from increased levels of competition in the market in 2010, it has been predicted.
Katie Tucker, technical manager at advisory firm Mortgageforce, has claimed that the lenders will become far more competitive this year, meaning better deals are expected to emerge for those looking to borrow.
She explained: "As a result of that, they will be more flexible with their credit scoring and underwriting again – where they have been over-cautious this year, and have refused loans to perfectly legitimate borrowers."
Improvements have already been seen in loan-to-values, she added, while "decent" 90 per cent deals available at an "affordable level" will also emerge.
Ms Tucker's comments have come after figures from the British Bankers' Association revealed that lending for house purchase rose from 42.552 in October to 44.713 in November.
The total value of homeowner loans approved in the latter also rose to £6.6 billion.