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PPI Claim News - 18/2/2010

Loan protection: Home loans need to be more 'competitive'

Mortage lending is likely to have a "slow start" to the year due to a lack of competitiveness in the market, an expert has warned.

Bernard Clarke, spokesman for the Council of Mortgage Lenders (CML), said that 2010 will not see droves of people dashing out to purchase home loans because the deals are not there to be had.

"We are still in a market in which it is not as competitive as it was and those circumstances will only improve very slowly," he commented.

Mr Clarke said UK mortgage lenders need to address the lack of home loans being made available to consumers after the CML identified a £300 billion shortfall in funding.

"We need to see a more active wholesale funding market although it will remain one in which the highest rated mortgage assets will be required."

His comments come despite a new survey by Paragon Mortgages showing that 58 per cent of brokers expect the level of mortgage business to improve in the first three months of 2010.

Mr Clarke added that if lending is resumed then he does expect things to improve over the course of the year but it will be a slow start.

Belmont Thornton can help you make a PPI claimPayment Protection Insurance Claim, or a credit card charges claim. For free PPI Claim advice call 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim pack or credit card charges claim pack.ADNFCR-2776-ID-19622953-ADNFCR

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