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Long-term mortgage market problems remain, says expert
Thu, 22 Apr 2010
A property expert has claimed that the UK mortgage market has barely changed despite a 24 per cent increase in lending activity.

According to figures produced by the Council of Mortgage Lenders (CML), lending activity was estimated to be £11.5 billion during March, up from £9.3 billion in February.

In spite of this, CML chief economist Paul Samter has claimed that overall housing and mortgage activity remained "subdued" and the market still faces long-term problems.

Mr Samter explained that these difficulties "will limit the speed of the recovery in the housing market and the wider economy".

Meanwhile, Defaqto claimed recently that Britons with small deposits are paying substantially more for their mortgages .

The independent financial research company insisted that since the onset of the credit crunch, borrowers seeking a higher loan-to-value mortgage have been forced to pay significantly more.

David Black, banking specialist at Defaqto, said that first-time buyers are especially hard hit because "they need a substantial deposit merely to get on the housing ladder".

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