Lenders have ‘plenty of money’ for creditworthy clients

Posted 2007-10-19

British lenders contend there is plenty of money available for clients in good standing with their credit record. 

Executive Director of the Intermediary Mortgage Lenders Association, Peter Williams stated that a slow-down in the housing market in the UK is far more likely than a ‘housing crash,’ as seen in the US.

He further predicted that this could be a positive outcome for homeowners with good credit in securing a needed home loan, with no negative effects on affordability.

“Plenty of lenders have plenty of money to offer to creditworthy customers,” Mr. Williams stated. “In most cases there’s no reason for a shortage of funds to be an impediment to normal home buying.”

The vast majority of the association’s members predicted that interest rates were likely to average 6.03% by the end of 2007 and fall back to 5.58% by the wane of the New Year. 

For those Britons who find themselves in debt and caught up in the current housing slump, a loan consolidation could be the one saving grace to their credit rating. They should therefore seek financial council to remedy their situation as soon as possible - to be prepared for the housing-turnaround expected by the end of the year.

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