MAB comments on today’s CML figures
Brian Murphy, head of lending at Mortgage Advice Bureau, comments:
“The launch of the Funding for Lending Scheme last month saw an increase in the number of competitive products being launched. It will have been too soon for this to filter through to the August figures, but I’d expect this will start having more of an impact on activity levels over the remainder of the year.
“However, if there is to be a lasting effect we really need to see more lenders launching high loan to value products. We are encouraged that Aldermore Mortgages have launched into the New Buy market and we need more lenders to engage in this important sector of the housing market both to offer greater choice and drive competition. First-time buyers are the lifeblood of the industry and until we can address this the lending environment will not fully recover.”