Although there has been high hope in many circles that the worst of the home loan UK problems were over, it appears as though it may take many more months before the market reverses itself. While this disappoints many in the home loan UK industry, it is clear that it will take time to recover from this devastating year.
Jeremy Law, products chief for Bradford & Bingley-owned provider Mortgage Express stated, “The lack of liquidity in the market has been a key driver to the reduced number of mortgage products and the changing criteria. The increase in prices has been driven by the significant increase in cost of funds. So the market should still return once the liquidity returns, however, there is no specific date for that. The only guarantee when it begins to come back, next year and beyond, is that it will be a gradual recovery not an instant one.”
Andrew Strange, policy director for the Association of Mortgage Intermediaries, said: “Although the number of products available on the market has dropped, there are still a large number of mortgages to choose from.
“During difficult periods in the market, consumers need advice more than ever and the risk of making the wrong decision is wide reaching.”
Related reading : Home Loans UK
