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Mortgage lenders urged to be consistent

Fri, 09 May 2008

Mortgage lenders should be more consistent and introduce guidelines relating to the minimum loan-to-value they offer borrowers, one expert has urged.

Speaking to Radio 5 Live's Wake Up To Money, Jeremy Leaf, a spokesperson for the Royal Institute of Chartered Surveyors (RICS), stated that that while mortgages are a available, inconstant practises are sending the wrong message to potential first time buyers .

He said: " What I would like to see is some consistency return, even if there was a level of say 80 per cent or 85 per cent, so people could save up and they would know that when they hit that button that there was a good chance of them getting a mortgage ." If mortgage lenders were refusing credit to people who had a good record of handling their finances, then this will dent confidence in the market, he added.

Recently, speaking to the Daily Mail, Graham Beale, chief executive at Nationwide, said that those who are good with money should still be able to find a suitable mortgage.
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