2
Mar
Survey suggests better times ahead for mortgage market
A new poll has found widespread optimism about the ability of the
UK mortgage market to recover from its present difficulties.
The Intermediary Mortgage Lenders Association (IMLA) survey of its
members has found that 75 per cent believe the securitisation and
whole loan sale markets for prime mortgages will be back up and
running by 2011.
In addition to this, 73 per cent said that the UK economy will be
getting stronger in 2010.
Such a recovery may help increase the availability of mortgages for
groups such as first-time buyers and buy-to-let investors.
Executive director of the IMLA Peter Williams commented: "The
securitisation funding model is basically sound and I think it's
realistic to expect activity to resume gradually when industry
reforms and the government asset guarantee scheme is finally up and
running."
The comment on the asset guarantee scheme was echoed by the Royal
Institution of Chartered Surveyors, which said that mortgage
finance will only be increased by ten per cent through the recent
pledges to lend more by HSBC and Northern Rock.
Because of this the government should make "speedy" progress with
instigating the asset plan, it stated.
