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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

"Sensible lending" needs to be restored for home buying

20/04/2009

Banks need to resume "sensible lending" if the house buying market is to be restored to health.

This is according to Peter O`Connell, policy manager at the Federation of Master Builders, who said that obtaining an affordable mortgage is a distant prospect for many people.

He stated: "For the majority of young people and would-be first-time buyers, getting on the property ladder remains a far away dream. To bring about this dream a number of things need to happen."

Mr O`Connell argued that there needs to be an increase in the rate of house building, a return to realistic house pricing and a resumption of "sensible lending".

He added that all three measures will take time and the more time that elapses, the less cause there is to be optimistic.

Figures produced recently by the Royal Institution of Chartered Surveyors suggested that the number of new enquiries among potential property buyers increased in March for the fifth consecutive month, with 31 per cent more chartered surveyors reporting a rise than a fall in such enquiries.

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