Specialised lenders once again will drive innovation in the mortgage market, argues Guy Garrard, head of business development at Tiuta
On the back of recent lending figures from the CML which showed that gross mortgage lending was up 5% to £13.6 billion in July but down 3% from £14 billion in July 2009, it’s clear that the mortgage market remains subdued.
Indeed, the new data suggests that lending remains on track to meet the CML’s new revised forecast of £140 billion, downgraded from £150 billion earlier in the month. This will come as no surprise to many and it remains painfully evident that borrowers are continuing to struggle to access mortgage deals. As we experience some lenders announcing the raising of LTV levels with great fanfare, albeit via small steps, it was interesting to read a recent comment made by Ray Boulger regarding a ‘computer says no’ attitude among lenders with one admitting to refusing nine out of 10 borrowers on 90% LTV mortgages.
Boulger says: “Borrowers are being rejected at record rates