Already on ArticleSlash?

Forgot your password? Sign Up

Councils Campaign to Become Local Mortgage Lenders

 


Visitors: 179
 1 vote

When you try and get a mortgage these days it may be just out of your reach, whether it's a full or part mortgage many companies have their hands tied with the current credit crunch and are unable to dish out money and run that risk, no matter how good your financial situation is.

The thing is that local councils have noticed the increasing housing problem; not only are people unable to buy houses but they are losing their current ones through repossessions because they can't make repayments on their current mortgages. Mortgage approval rates have decreased by well over half in the past 12 months and this has caused many metropolitan councils to sit up and take action.

Councils want to be given the power to provide mortgages at below market-rate to fend off the growing epidemic of repossessions and evictions. The proposals were not only welcomed by house buyers but also house builders too, a spokesman for the Home Builders Federation said that this kind of action would help introduce more liquidity and in turn lead to more houses being built.

The Council of Mortgage Lenders has agreed somewhat to the proposals but warned that any lending would fall under the regulation of the financial services authority. They also commented that the mortgages being offered would not be available everywhere instantly as it would initially be a very small scheme and could take a while.

If their mortgage schemes take a while to get started the market conditions may change dramatically especially with the government to be releasing a plan for the struggling mortgage and remortgage industry.

If you are confused about mortgages and whether to go for fixed or tracker then check with as many sources of info as you can. If you're coming to the end of a fixed mortgage then perhaps you should consider a remortgage to a different type or company. A Mortgage is a big commitment and you should take time to make a decision before signing up.

(350)

Article Source:


 
Rate this Article: 
 
Mortgage Foreclosures - What the Lenders Don't Want You to Know
Rated 1.0 / 5
based on 1 vote
ArticleSlash

Related Articles:

Bad Credit Mortgage Lenders – 3 Things to Watch Out for with Sub-Prime Lenders

by: C.L. Haehl (March 12, 2007) 
(Real Estate)

Are Atlanta Home Mortgage Lenders And Brokers Being Squeezed Out Of The ..

by: Aubrey Clark (March 23, 2008) 
(Finance/Mortgage Refinance)

Comparison Shopping Mortgage Lenders When Mortgage Refinancing

by: Louie Latour (July 29, 2007) 
(Finance/Mortgage Refinance)

Jumbo Reverse Mortgage UK Affordability Mortgage Lenders

by: David Johanson (August 06, 2007) 
(Finance/Mortgage Refinance)

Compare Mortgage Lenders - How to Find the Top Mortgage Lender Around

by: William Perry (October 19, 2008) 
(Finance/Mortgage Refinance)

Mortgage Lenders

by: Jon Elton (October 03, 2008) 
(Finance/Mortgage Refinance)

Top Ten List of Bad Mortgage Lenders

by: Steven Copper (June 26, 2008) 
(Finance/Mortgage Refinance)

Agricultural Mortgage Lenders

by: Kaushik Mukherjee (January 12, 2009) 
(Finance/Mortgage Refinance)

National Mortgage Lenders Here to Help You Now

by: Adam Hefner (July 15, 2008) 
(Finance/Mortgage Refinance)

Mortgage Foreclosures - What the Lenders Don't Want You to Know

by: Sal Farzin (September 19, 2008) 
(Real Estate/Foreclosures)