Mortgage situation 'not so bad'

Mortgage situation 'not so bad'

An expert on the mortgage market has said the situation in the UK at present is not as bad as some suppose.

Barney McCarthy, editor at mortgage information website, predicted that the future of the market will be one where activity is muted for some time yet, although he suggested there have been more first-time buyer purchases since the raising of the stamp duty threshold in September.

However, he added, the current state of affairs may not be all doom and gloom, commenting: "The situation at the moment isn't as bad as people make out; over the last couple of years it has almost been too good to be true."

Mr McCarthy said lending levels are "approaching normality".

The latest Council of Mortgage Lenders figures showed that mortgage lending was up in October from September.

A seven per cent increase from £17.5 billion to £18.7 billion was recorded over this period.

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