For Your Protection and Peace of Mind
All our loans & procedures are approved and qualified by our fully experienced compliance team to ensure they meet our high standards and comply with all current regulatory requirements
 News |
|
Search Categories |
| Archive News |
Mortgage lenders 'need to cut deposit requirements'
Financial services firms that offer homeowner loans need to cut their deposit requirements, it has been claimed.
Lee Grandin, managing director of broker Landlord Mortgages, said such a move will "get momentum going" in the housing market, as at present the sector is "stalling".
He added that while there are suggestions that falls in prices and rates have been beneficial, the suggestion it has helped the market to "bloom again" is "completely unfounded".
"We found that yes there has been improvement, but not significantly, and I don't think it will [improve] because all the lenders are predicting house prices will remain subdued or even go down next year," he explained.
"The main factor at the moment is that people who are looking to purchase have either got the deposit or they don't."
Countrywide Mortgage Services recently suggested that there are been a 43 per cent increase in homeowner loan applications in recent months.