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Mortgage deals becoming impossible

22/07/2008

Mortgage deals throughout the UK are becoming impossible to obtain, the government are looking to make amendments.

The director-general of the Council of Mortgage Lenders, Michael Coogan, suggested that more actions must be taken in order to stimulate the loan market.

Mr Coogan added: "Things take off, there is a window of opportunity here for the government and the Bank of England to break the logjam in the housing markets and underpin confidence in the financial system."

The major problem which is being created is the lack of funding to support new mortgage lending, first time buyers are facing the deepest credit crunch.

Towards the start of this week, Abbey introduced its two and three-year new mortgage products. The product consists of a low interest rate and the loan provider is trying their best to help their existing and all new customers.

By the end of 2008, the government are looking to help current credit conditions, without the help of new funding, the UK housing market should witness a further decrease on house prices.

 


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