Mortgage lenders cautious over flats
Filed Under (Uncategorized) by admin on 18-11-2009
According to one of the largest homebuilders in the UK, mortgage lenders are showing caution and imposing stricter terms on homebuyers who choose apartments over houses . Barratt Developments claimed that mortgage lender caution and restrictions on pledge loans were making sales difficult.
Chief executive Mark Clare reported that buyers would have to pay a larger deposit on flats as opposed to houses. Demand for living in apartments remained high, Barratt claimed, but banks offering constrained mortgage lending were hurting sales.
A spokesman for the Council of Mortgage Lenders was reported in the same manner with commenting: “We are in a market where lenders are risk averse and we have seen an oversupply of apartments.” The situation is unlikely to make different for the better in the short-term.
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