Mortgages Uncovered

YouGov have conducted a poll which shows that a massive 75% of first time buyers believe that banks should lend responsibly, even if that means some people will be refused loans.

The poll was carried out on behalf of the charity Shelter, which is trying to persuade the FSA to implement reforms which would result in stronger mortgage regulation.

Just under 80% of those questioned think that banks acted irresponsibly before the credit crunch; almost a third feel they shouldn’t be trusted to lend in a responsible manner in the future.
Shelter’s CE, Campbell Robb, said:

It’s high time the housing minister stopped bowing to the banking lobby and ignoring the advice of economic experts and consumers who have sent clear signals that mortgage lenders need to clean their act up.

We are set for some really tough times ahead as repossessions are already starting to rise and more and more people struggle under the combined pressures of VAT rises, increasing unemployment and sky high living costs. If we compound this by allowing irresponsible lending to make a return to the market, it will spell disaster for our fragile housing market and will undoubtedly result in many more people across the country needlessly losing their homes.