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News: Mortgage lending criteria set to get tougher

Mon, 09 Jan 12

Banks expect to tighten their mortgage lending criteria in 2012 despite an increase in credit availability, according to the Bank of England’s latest credit conditions survey.

The survey said the increase in secured credit was likely to be concentrated on borrowers with high loan to value ratios, including the new scheme being launched with housebuilders.

However, lenders expected credit scoring criteria for granting loan applications to be tightened in the first quarter of the year.

Source: About Property

 

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