Mortgage market relaxing yet?

Charlton_King

Are there any signs yet, however tenuous, of a freeing up of mortgage credit?

What do the brokers think?

Heyman_2

I doubt it very much.

I'm not a broker but I know the CML has already predicted that lending will shrink even further in 2009, with the net lending figure (i.e. the amount banks lend vs the amount they receive back in mortgage payments) actually turning negative for the first time since records began.

So it doesn't look good I'm afraid

Tom_Kelly

Nothing will really happen until the first time buyers are able to obtain mortgages. This will kick things back into action albeit it will still be a slow market for at least a year. We have gone back to the same pace of home buying as the mid 80's. People bought property to live in and make a home, not as an investment.

Charlton_King

Heyman wrote: »

I doubt it very much.

I'm not a broker but I know the CML has already predicted that lending will shrink even further in 2009, with the net lending figure (i.e. the amount banks lend vs the amount they receive back in mortgage payments) actually turning negative for the first time since records began.

So it doesn't look good I'm afraid

Interesting... but that opinion evades the issue of whether irate taxpayers will meekly accept such deliberate ignoring of the country's needs.

We've sunk multibillions into propping up lenders who refuse to lend..?

I don't think so.

HMG will, I predict, enact statutory powers to intervene directly.