Mortgages – The Mortgage Market Needs Help to Recover

According to a report on the BBC, mortgages will need significant help from the government in order to return the housing market to the same buoyant state that it enjoyed prior to the credit crunch. The call for assistance to the ailing mortgages sector comes in light of findings from the Royal Institution of Chartered Surveyors (Rics) that house sales are now at a 30 year low. This is undoubtedly as a result of the dearth of affordable mortgages available on the market and many experts are calling for the government to intervene and make radical changes in order to make mortgages more affordable to those who are looking to buy a home. Many of those looking to buy a property are finding that the mortgages on offer from the majority of high street lenders are not financially viable for them and they will turn to specialist providers of mortgages in order to increase their chances of securing a mortgage deal that works for them.

Mortgages – Increasing the Number of Mortgages Available

Obviously, there is unlikely to be any quick fix regarding mortgages but the seriousness of the situation is being made clear by the fact that the number of homes being sold is now at the lowest levels in the last 30 years. According to the report on the BBC, the Royal Institution of Chartered Surveyors are calling upon the government to increase the actual number of mortgages that are being made available amidst reports that potential homeowners are literally being priced out of being able to afford mortgages by lenders. This is creating massive problems for the housing market as mortgages are the driving force behind it and if no one can afford the requisite mortgages to purchase their homes then the property market inevitably grinds to a halt which has been apparent since the credit crunch really took hold.

Mortgages – No Overnight Resolution

Of course, the property market has now fallen so far that there clearly won't be any overnight fixes that will instantly return mortgages to their once affordable level and, according to the BBC report, this is something that the Royal Institution of Chartered Surveyors recognises. Speaking to the BBC, Rics director, Gillian Charlesworth, states, “We know there is no silver bullet that will slay this monster, but we need a joined-up, comprehensive approach to bring back confidence and to give the public clarity about what mortgages are available.”

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