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21/01/2002
‘Postcode curbs’ cause mortgage outcry on high street
A new system of mortgage lending based on postcode areas has sparked an outcry amongst high street banks.
It has been revealed that both NatWest and Alliance & Leicester are restricting lending on mortgages in areas where the banks fear property prices could fall sharply in the immediate future, with around one in four London postcodes coming under the category.
However, the move has been criticised by some lenders as possibly encouraging an outcome whereby house prices will fall, as property values in the affected areas plummet.
According to the Daily Mail, the Halifax is to bring the issue to the attention of the Council of Mortgage Lenders, but a representative from NatWest dismissed the move, saying that the Council would recognise that it was in each lender’s remit to make such decisions.
2001 was a good year for those purchasing homes, with record levels of lending for house purchase and remortgaging. A series of interest rate cuts have softened the impact of the current economic instability on the sector, with activity in 2002 expected to be slower, but still positive. (CL)
It has been revealed that both NatWest and Alliance & Leicester are restricting lending on mortgages in areas where the banks fear property prices could fall sharply in the immediate future, with around one in four London postcodes coming under the category.
However, the move has been criticised by some lenders as possibly encouraging an outcome whereby house prices will fall, as property values in the affected areas plummet.
According to the Daily Mail, the Halifax is to bring the issue to the attention of the Council of Mortgage Lenders, but a representative from NatWest dismissed the move, saying that the Council would recognise that it was in each lender’s remit to make such decisions.
2001 was a good year for those purchasing homes, with record levels of lending for house purchase and remortgaging. A series of interest rate cuts have softened the impact of the current economic instability on the sector, with activity in 2002 expected to be slower, but still positive. (CL)
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