Cautious lenders give little lifetime
Today the lifetime mortgages has increased
to 23,786 (2006) from 23,215 (2005) also the size of the average
loan decreased from 45 thousand pounds to 41 thousand, these figures
were put forward by the CML firm, Council of Mortgage Lenders.
Throughout the year the size of the
average loan decreased, nearly up to 38,400 pounds by December,
this has been the lowest since 2002.
"The trend towards smaller loan
amounts on lifetime mortgages suggests that lenders and intermediaries
are being careful to ensure that people are only borrowing what
they need," Said Jackie Bennett, CML head of policy.
FSA regulations today are tightened
up, the lender behaviour should now help build confidence, Ms
"Specialist advisers on lifetime
mortgages are clearly beginning to adopt good practice,"
Commented Ms Bennett.
Lending and borrowing is based today
on background concerns, before it was easier for people to take
out a loan nowadays things have become more strict.
Just a few days gone, a survey
produced by Which? Cash concluded that 1 in 3 older people were
worried that they may not have enough cash flow to enjoy a decent
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