BGN Entrepreneur

According to a survey, it is indicated that nearly a quarter of people claim they are unable to get a mortgage because of tighter lending criteris. About 23% said that they did not qualify for any mortgage on the market, while more than half insisted banks and building societies would have to be relax restrictions and deposit requirements for them to be able to buy a house.
Net mortgage lending fell to a record low of just £324 million in May after banks cut the number of mortgage products available to those with a ten per cent deposit from 1152 in 2007 to 119. Most believe banks will have to ease restrictions to end the property slump. The NAEACalled on ministers to put pressure on banks that refuse to lend.

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