Mortgage tightening to ease next year
November 24, 2007 by admin
Filed under News, News-Mortgages
The tightening of the mortgage market will ease somewhat going into the new year, according to the Council of Mortgage Lenders.
Sarah Robson, a spokesperson for the trade association, explained that interest rate falls would take some pressure off the market making it less tricky for borrowers to obtain adverse credit mortgages.
Interest rates are predicted to fall to five per cent by the middle of next year, offering some hope to borrowers
Ms Robson explained that homeowners with poor credit history may be able to improve their status.
She said: “If they did have a good credit history for five years straight, that would be taken into consideration – but their previous record would still be there.”
The next decision on the Bank of England base rate, currently at 5.75 per cent, will take place on December 6th this year.
Yesterday, the BBC report that a range of its adverse credit mortgages will be withdrawn today, due to market tightening.
