UK property lenders group declares cheaper loans are not an option despite calls for more lending to

[Nicholas Wallwork]

Mortgages in the UK are going to get more expensive as lenders are under severe constraints and don’t have access to the kind of range and type of funding that was available at the height of the property boom, it is claimed.

It is a myth that there is a glut of cheap credit set to come on stream that could boost the fragile property market and a return to the days of the days of high loan to value (LTV)*mortgages is unlikely, according to the Council of Mortgage Lenders whose members cover 98% of all residential lending in the UK.

High loan to value deals have all but dried up since the credit crisis began, with lenders demanding*higher deposits and offering less attractive rates.

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