Peter Rollings commenting on today’s figures from the CML
"The level of mortgage lending is dropping off a cliff. If we’re to rescue this situation at all lenders have a responsibility to open the dam of credit – now.
The government hasn’t bailed the banks out for their own sake – they absolutely must raise LTVs and cut their retail lending rates for the sake of borrowers and our economy as a whole. RICS figures out today showed that home sales are virtually at a standstill – there’s only one way out of this and that’s for lenders to start lending again."
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