The Council of Mortgage Lenders have warned of a £30 billion shortfall of funding for potential homebuyers . They estimate that a total of £90 billion will be sought in mortgages during 2008, though with only £60 billion available to lenders, the Council has warned that there are likely to be some disappointed consumers this year.
The credit crisis has already made it harder to gain approvals on loan applications, with loan to value ratios typically down to 90 per cent. Many lenders have withdrawn completely from some sectors, whilst others have increased their lending rates .
With the average loan standing at £155,000, the £30 billion shortfall equates to 200,000 people missing out on an average loan.
Council of Mortgage Lenders Warns of GBP30 Billion Shortfall
Council of Mortgage Lenders Warns of GBP30 Billion Shortfall
Tue, 25 Mar 2008
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