Is it Good News Mortgage and Bad Credit Mortgage Lending Steadies in July?
On the surface it appears the mortgage and bad credit mortgage market improved in July as figures steadied and were the same as June with 47,000 new mortgage loans being completed by homeowners and new home buyers.
However, on the downside this figure is still 51% down on the same figures for the same period last year according to the Council of Mortgage Lenders
This is a true reflection of the decimation of the mortgage industry since the sub prime slump generated the international financial credit crunch.
The CML states first time buyers are still one of the worst effected areas together with those people with an adverse credit history requiring a bad credit remortgage.
Both are being frozen out of the market due to similar reasons i.e. that they both need to find a larger deposit and are unable to borrow as much money.
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