27 Oct 2010
Mortgage lenders are likely to take a cautious approach towards borrowers for the rest of this year, it has been suggested.
Spokesman at the Council of Mortgage Lenders Bernard Clarke said he believes the best deals will only be on offer to low-risk customers and those with decent amounts of equity in their properties.
"There appears to be some lenders being more active in the market and offering some more competitive [deals]," he adds.
An improvement in the sector could be on the cards in the coming months, as there have been a number of attractive remortgaging deals recently, Mr Clarke remarked.
Recent figures from the British Bankers Association revealed new approvals dropped slightly to 31,104 in September and the median value of each authorised loan fell to £142,900.
Mr Clarke stated the figures are in line with the establishment's view, which proves there will not a substantial recovery in home loans for the remainder of 2010.
Source: Houseladder
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