Competitive Mortgages to Remain Difficult to Find
The Council of Mortgage Lenders has warned that borrowers will continue to find it difficult to access competitive mortgages for 'years to come' unless reforms are brought in to change the way lenders raise money.The CML warns that when currentl government support schemes cease in 2014, there will be a £300bn gap between demand for new mortgages and finds available from lenders. This will lead to a fall, in the longer-term, in the choice of mortgages available.
The CML is requesting government support to re-establish a sustainable securitisation market, so that new wholesale funding can be raised.
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