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Government urged to do more to get lenders to loan
Published: 22/12/2008 |
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The Council of Mortgage Lenders (CML) has said that the government needs to take further action to get banks to lend. A spokesperson for the CML said that for many lenders, a shortage of funding was the reason behind their cut backs. She said: "I think 2009 is going to be worse than 2008, you can say that. We haven't thought further than that yet. "It's a complicated situation and different lenders are facing different sets of circumstances and challenges. I think they are doing all they can." Research from the CML has suggested that 210,000 households will be more than three months in arrears by the end of 2008, with the figure increasing to 500,000 by the end of 2009. According to the Ministry of Justice, there were 38,511 mortgage possession claims in the third quarter of this year, which, although a high figure, was one per cent down on the numbers in the second quarter.  |
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