CML calls for greater funding
News Category: Management
Published: 23-Dec-2008
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Landlords could benefit from better mortgage deals if more funding was provided by the government to boost supply, it has been suggested.
A spokeswoman from the Council of Mortgage Lenders has commented that the main problem the mortgage market will face in 2009 is a shortage of funding.
She noted that banks are experiencing complicated situations and each lender has its own, unique set of challenges in the current climate.
CML statistics for the third quarter showed that 1.58 per cent of buy-to-let mortgage loans were in arrears by the end of September, compared to 1.1 per cent in June.
The overall health of the UK housing market next year could depend on how much assistance is provided by the government, the spokeswoman indicated.
She added: "We think we need further action to 'incentivise' new lending. We would like to see them act on the recommendations of the Crosby Report. We'd like to see that as soon as possible."
The Crosby Report encouraged the government to introduce new securities on 100 per cent mortgages to encourage lending activity.
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