The third quarter of 2010 was an unstable time for the housing market with rent rising, housing prices falling and mortgages freezing and experts believe this will drag well into the New Year with net lending expected to experience a 30 year low in 2011.
According to the Council of Mortgage Lenders, net mortgage lending will see a low of just £6billion, a staggering difference to the peak of 2006 when lenders gave out £110billion. This fresh blow with continue to make it all the more difficult for first time buyers to get a mortgage with a reasonable interest rate.
Even in 2008, the year of the banks bail-out lending was at £40billion, but the situation has worsened since then.
At Money Advice Group, we are the parent company of Oaks Loans and Mortgages. This allows us to offer the best advice possible to you whether you’re looking at buying for the first time or think it’s time to remortgage. We take the safety and security of your house and mortgage seriously. Call today to hear how we can help you.
