Negative Equity Restricting House Sales
The Council of Mortgage Lenders has warned that the rising level of negative equity is restricting houses sales in the UK. There are now 2 million homeowners with either negative equity or too little equity to finance a move.Few lenders are currently willing to provide mortgages to those with a deposit of less than 10%. The CML estiamtes that there are 600,000 mortgage holders with less than 5% equity and another 500,000 with between 5% & 10%.
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