5
Jul
Demand for mortgages 'will not decline'
The demand for mortgages will not drop despite recent findings
which indicate that loans are expected to be less readily
available, a representative from mortgage adviser John Charcol has
said.
Last week, the Bank of England released its Credit Conditions
Survey for the second quarter of 2010.
It sparked concern among members of the property industry after it
suggested that lenders were tightening how much money they let
people borrow.
However, Ray Boulger of John Charcol said that this will not affect
the number of people who still want to take out house loans.
"As far as demand for mortgages in both Q3 and Q4 is concerned it
is lenders' cautious criteria which will hold it back more than
lack of interest from borrowers," he commented.
The adviser added that he expects the property market to "pick up"
now the Budget is out of the way.
Despite the Bank of England's prediction that there might be less
money to lend to homebuyers, findings from the Building Societies
Association last week revealed that the finances lent for homes
rose in May.
