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Lending wont get back

The Mortgage Market may not return to what mortgage bokers would perceive as normal until the end of 2009

That was the bleak warning today from the Council of Mortgage Lenders in a seminar at the Mortgage Business Expo Manchester.

Jackie Bennett, head of policy at the CML, says: “It may be another 18 months before the funding position recovers completely and perhaps never for the securitisation market.”

Bennett adds that this was not necessarily a death knell for the sub-prime market, although it remains uncertain as to how things will pan out in this sector during the coming months.

She adds: “There will still be people with credit problems and there will be a market for those at the margins.”

Even when funding issues have been largely resolved, Bennett says the range of heavy adverse products in the market may remain restricted, while borrowers would probably have to get used to paying a deposit of five or 10%.

 

 

 







 


 











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