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Loan claims: Fall in mortgage lending 'hitting high street retail'

First time buyers are finding it difficult to succeed when making a loan claim for a mortgage, with this issue causing shocks to the wider economy.

The British Retail Consortium (BRC) and analysts from mortgage insurance provider Genworth claimed delivering more housing loan claims to this demographic would boost sales of floor coverings, gardening tools, furniture, homewares and DIY.

An eight-year trend analysis revealed a strong link between levels of mortgage lending and the total volume of sales on the high street.

Since the financial crisis of August 2007, there has been a 77 per cent drop in mortgage lending volumes, which the organisations linked to a 15 per cent fall in expenditure on household retail goods.

"It's not in our best interests to disenfranchise a generation of aspiring homeowners who could afford to repay their mortgages but are excluded because they can't meet a prohibitively high deposit threshold," chief executive officer of Genworth's European mortgage insurance business Angel Mas pointed out.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801459646-ADNFCR

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