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Mortgage broker calms funding fears
Thu, 04 Feb 2010
A mortgage expert has sought to calm fears that a large funding gap may emerge in the market .

The Council of Mortgage Lenders (CML) recently said that the collapse of wholesale funding markets had left a £300 billion gap in mortgage lending, and that there was uncertainty about what would happen once the government's special liquidity scheme expires in 2014.

However mortgage brokerage firm Alexander Hall believes that this is based on a negative outlook, and that lenders were in fact feeling increasingly optimistic.

Andy Pratt, chief operating officer at Alexander Hall, said: "They [the CML] have probably taken a worst case scenario of what would happen if the banking sector struggled and there wasn't any new funding coming into the market."

He added that the CML's fear about a lack of choice for consumers would be tempered by new providers such as the Bank of China, while new banks could also come onto the high street.

The latest figures from the CML show that mortgage lending went up 14 per cent in December compared to November.

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