Mortgage market continues to struggle
The mortgage market is continuing to struggle, which could lead some homeowners to believe that it is best to stick with what they have and invest in a home improvement, such as a bespoke conservatory.
According to the Association of Mortgage Intermediaries (AMI), there have been a few positive signs, but there are still major concerns over the availability of funding.
Recent stats from the Council of Mortgage Lenders revealed that gross mortgage lending in 2009 was down by 43 per cent year-on-year to £144 billion.
The stats showed that the industry is being propped up by the five largest lenders, who accounted for 82 per cent of lending activity throughout the year.
AMI director Robert Sinclair explained that while it is positive that the cash is available from such firms, the industry is being dominated by home movers and first-time buyers, leaving the remortgage market struggling.
He suggested that if the remortgage market does make a comeback, it will be with a "significant squeeze on the availability of funds".
Posted by David Waxman
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