Only privileged few will own property in five years' time
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In response to your story that mortgage products are up 70% year-on-year (Mortgage Strategy Online), it seems to me that lenders are very much closed for business.
Some 30 months on from the start of the credit crunch they are still cherry-picking 75% LTV or ideally 60% LTV clients and refusing six in 10 applications.
Effectively, there are no 90% LTV mortgages as eight in 10 are declined. There is no competition in the market and half a dozen high street banks are lording it over all the other lenders.
The fact that there are a few more deals does not mean lenders are lending on them. The figure that matters is mortgages being offered rather than rates available, and this was 50% down in January.
Meanwhile, remortgaging has hit an all-time low so excuse me for not getting too excited.
This all means that there will be no brokers left by the end of the year and in five years the result will be a nation of renters with only the privileged few owning properties or getting mortgages.
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