Government intervention on mortgage finance needed, expert says
The government should intervene to limit the effect of the credit crunch on mortgage lending in 2009, according to former HBOS chief Sir James Crosby.
Sir James' report into mortgage financing has warned that new mortgage lending could shrink below zero in the new year unless action is taken.
His comments come as the British Bankers' Association (BBA) released its mortgage lending figures for October - news which might interest borrowers of mortgages for professionals.
Total mortgage advances rose by three per cent during October to £11.9 billion, while the number of loans approved for remortgaging rose from 51,707 to 52,425 during the month.
Mortgage approvals totalled at 21,584 last month, down on September's figure of 23,383 but above August's number at 21,363.
Buy-to-let lending fell to 23,645, a decrease of five per cent on September.
According to David Dooks, statistics director at the BBA, commented that very different economic conditions exist at present, which obscures comparisons to lending figures in 2007.
Mortgages for Professionals provides expert mortgage advice for high earning professionals on over 30,000 mortgage types.
Sir James' report into mortgage financing has warned that new mortgage lending could shrink below zero in the new year unless action is taken.
His comments come as the British Bankers' Association (BBA) released its mortgage lending figures for October - news which might interest borrowers of mortgages for professionals.
Total mortgage advances rose by three per cent during October to £11.9 billion, while the number of loans approved for remortgaging rose from 51,707 to 52,425 during the month.
Mortgage approvals totalled at 21,584 last month, down on September's figure of 23,383 but above August's number at 21,363.
Buy-to-let lending fell to 23,645, a decrease of five per cent on September.
According to David Dooks, statistics director at the BBA, commented that very different economic conditions exist at present, which obscures comparisons to lending figures in 2007.
Mortgages for Professionals provides expert mortgage advice for high earning professionals on over 30,000 mortgage types.
