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Loan refunds: Mortgage activity 'will not pick up'

Those currently seeking out loan refunds may not be surprised to hear that an expert has said the mortgage market will not pick up anytime soon.

Paul Holmes, chief executive officer of Firstrung, a company specialising in delivering solutions to first-time buyers, revealed he does not believe that mortgage activity will pick up for the next few years.

He said: "Most lenders are looking for considerably larger deposits than they were this time last year which bears no comparison to the small deposits they were asking for perhaps five years ago.

"Those deposits and people being able to find deposits are becoming increasingly scarce."

Mr Holmes added that while many parents would have been able to help their child get onto the property ladder, they are now having to think about their own financial future.

He concluded that "mortgage rationing" is going on and that lenders are not going to give out 95 per cent loan-to-value mortgages when they are expecting property prices to fall.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
 ADNFCR-2776-ID-800498536-ADNFCR



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