Lenders tighten On Mortgages

Lenders tighten On Mortgages

Lenders are reducing the availability of mortgages as Bank of England figures show the number of loans approved for house purchase fell to 73,000 in February, down on the six-month average of 87,000.  The survey showed mortgage providers expect to further reduce the availability of secured, unsecured and corporate credit over the next three months.  

Lenders expect the number of homeowners defaulting on their mortgage and loan agreements to rise further in the next three months.  

Our view

The figures make sad reading as you would expect given the current climate.  However, expect better news as we move towards the back end of the summer and then into next year.  We suggest the optimum time to buy or put in those offers will be around the end of the year.  You will get the lower end price.

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