- Thursday, 17 September 2009Despite an increase in mortgage approvals, many consumers are still faced with "raw deals."
That is according to Nicholas Leeming, director of propertyfinder.com, who made his comments in reaction to figures from the Council of Mortgage Lenders that indicate a 19 per cent year-on-year rise in home loan approvals for June.
People who are unable to stretch their finances in order to secure a deal could consider speaking to a debt advice professional.
Mr Leeming said that while consumers were the key to a housing market recovery, it was up to the banks to offer the appropriate conditions for that recovery.
He commented: "First-time buyers hold the key to a full housing market comeback, but are still getting a very raw deal compared to those already on the property ladder.
"Banks must do even more to increase the flow of mortgage lending - and ensure it is reaching the right borrowers."
According to the CML, there were 56,000 home loans in July of this year - a monthly increase of 24 per cent.
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