The Intermediary Mortgage Lenders Association (IMLA), the trade association for UK lenders involved in the generation of mortgage business through professional financial intermediaries, comments on today’s report from the Building Societies Association (BSA).
Peter Williams, Executive Director of IMLA, said:
“Credit conditions have begun to improve but there is still an access problem for many first-time buyers and ‘second steppers’. Compared to four years ago there are fewer lenders, less products and lending criteria remains tighter; however the perception of availability may be worse than it is in reality.
“Rather than worry they will be turned down by lenders people should first speak to a mortgage intermediary who can assess their situation and see what products are available. Speaking to a financial adviser will not harm your credit rating and people may be surprised by what is available. Mortgage activity has been increasing this year and the Government has recently launched a number of designed to boost lending levels.”