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Survey reveals mortgage availability set to improve

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by Kay Mitchell
Survey reveals mortgage availability set to improve

There is some good news for the housing market after a Bank of England survey revealed mortgage availability is set to improve in the coming months.

The survey comes as mortgage lending continues to remain subdued as first-time buyers, in particular, struggle to obtain a mortgage unless they have a substantial deposit.

Since the credit crunch more than three years ago, lending criteria has tightened and homebuyers have struggled to get a foot on the property ladder, unless they have a deposit of at least 25%.

However, according to the survey, lenders were at their most optimistic for two years about the prospects for mortgage availability.

Those questioned in the quarterly survey said they have increased access to loans for homebuyers with deposits of less than 25%.

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News posted: April 2, 2011

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