CML calls for government action for homeowners

If you are looking to sell your own home and are considering getting a mortgage on a new property you may be interested to read the opinion of one organisation.

The Council of Mortgage Lenders (CML) claims that more action is needed by the government to encourage lending to homeowners.

It also said that 2009 may be worse than 2008 for those looking to enter the property market.

A spokesperson for the organisation said: "It's a complicated situation and different lenders are facing different sets of circumstances and challenges."

She also claimed that banks are making an effort to maintain business and now the government should act on the recommendations in the Crosby Report.

By the end of 2008, the CML says it expects that 210,000 people will be more than three months in arrears. It is likely that this number will have risen to 500,000 in another 12 months.

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Published on: December 23, 2008

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