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Lenders must grant 90% LTV if house prices are to go up

Demand for property is not weak. Lenders are restricting the availability of funds, so purchasers are not able to obtain mortgages at reasonable interest rates for loans that are more than 75% LTV.

Lenders’ valuers continue to downvalue properties so the fall in house prices is a self-fulfilling prophecy. This will continue to be the case until lenders decide to grant 90% LTV mortgages.

I say grant rather than offer, as it appears that the lenders offering 90% LTV mortgages are doing so merely as a sop to the government, but then not actually offering many deals at 90% LTV. Still, I guess it keeps Prime Minister Gordon Brown happy.

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Damp squib

There you have it, no more hiding from the obvious. Chancellor Alistair Darling has revealed the true extent of the country’s debt and, to put it bluntly, we’re in it up to our necks.

It looks like the government is finally listening

Last week’s Budget saw an embattled chancellor come out fighting. Darling began with an adamant statement that he expected the economy to start growing again by the end of the year.

Some party

But it’s not all doom and gloom. Mole was pleased to hear that Alan Cleary, managing director of Exact, and Ian Lonergan, chief executive officer of Exact, partied in style to celebrate their own 40th birthdays.

Submit strong cases for faster decisions

In times of increased focus on risk criteria it is vital that when submitting applications to lenders that cases are presented in a favourable light.


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