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First time buyers and buy to lets hardest hit
Figures released by the Council of Mortgage Lenders (CML), show that that mortgage lending from January to March slowed down and reached only 142,000 which was 4,000 less than at the lowest recorded level in early 1992 of 146,000 when the country was in a recession. New home loans for first time buyers and home movers slowed to down and recorded a slump of 48 per cent in comparison to the same period in 2007.
Buy to let landlords have faced equal difficulties in securing funding for new and existing loans. Lenders have raised their rates and landlords are finding it increasingly difficult to offset rental yields against their mortgage repayments. Landlords are also facing the prospect of being unable to purchase new builds as lenders refuse to lend on them, in turn this is putting pressure on builders to lower purchase prices to secure a sale. The Royal Institution of Chartered Surveyors have reported an average of 18.3 property sales per month against a figure of 22.2 for March, this is the lowest figure since November 1992.
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Your property may be repossessed if you do not keep up repayments on your mortgage.
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Grovelawn Financial Services is a trading style of Grovelawn Limited
Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
Consumer Credit Licence Number: 573287