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PPI Claim News - 2/7/2010

Bank claim: BoE predicts mortgagee squeeze

The Bank of England (BoE) has warned homebuyers that it will become harder to obtain a mortgage in the next three months.

The central bank expects wholesale funding to tighten in the next quarter, which means lenders are less likely to loan to each other and their customers.

Several support schemes designed to encourage lending are also ending within the next two years, such as BoE's special liquidity scheme.

Melanie Bien, of brokers Private Finance, said: "Fears of a second credit crunch are growing among lenders.

"Mortgage availability is already tight as funding conditions remain challenging, but with some support schemes ending from next year, there are further problems ahead."

In May, only 50,000 UK consumers took out house purchase loans compared to 100,000 in July 2007, according to BoE figures.

Meanwhile, Moneyfacts has found that consumers now have less choice over their mortgage, as there are now around 9,500 fewer products on the market than there were in 2007.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.ADNFCR-2776-ID-19872256-ADNFCR

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