SELL YOUR HOME QUICKLYBuilding societies’ lending plummets by £1 billion
New home loans data released last week has revealed that building societies are granting loans to just one in ten people, as opposed to their traditional lending level of almost one in five. This was according to an article published online by the Guardian, which also added that mortgage lending provided by building societies has plummeted by £1 billion over the past year.
Despite building societies’ significant share in the market – which is currently at 15 percent, down 2 percent since March 2007 – the latest figures hint at the fact that societies have been hit hard by the credit crunch.
These statistics reveal that building societies are losing clients more quickly than they are gaining new ones, states the article. It adds that they are also struggling to hold onto their existing clientele, many of whom are reaching the end of their mortgage terms. These homeowners are either unable to keep up with societies’ increased rates, or do not meet their stricter lending conditions.
According to the Building Societies Association, this drop can be attributed to the dire effects of the credit crunch. Speaking to the Guardian, the association explained, “This [fall] is a consequence of gross lending coming down and building societies pulling back on the amount they lend so that repayments have gone up.”
Homeowners have been left with very few options, as the majority struggle to qualify for mortgages from both building societies and banks. Many, in fact, are selling their homes and opting to rent instead – a move which many analysts believe makes sense during these uncertain times. MPG offers and all-in-one cash-and-property solution. If you’re desperate to sell a home you can no longer afford, yet are loathed to lose your family home, why not Sell and Rent Back with MPG?
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- Building societies’ lending plummets by £1 billion
