NR to start lending mortgages again

[whichwaynow]

It might be only a small step in the mortgage market but it might help to kick start some of the other banks.[:)]
http://news.bbc.co.uk/1/hi/business/7904748.stm

[rayb]

Hi,

I just saw this as well. Still going to need a large deposit though to get one, but at least it is a start.

[Piston Broke]

This is great Im sure. Im one of the people NR are telling to get a new mortgage lender, but as my creditors meeting is this morning, I dont hold out much hope.

In the meantime, my fixed rate ran out in December and im back on standard variable rate with no sign of being able to change it - hey ho.

[Michael Peoples]

It is about time because the government has been injecting huge sums of money into the system but it has not lead to the freeing up of credit. There are plenty of first time buyers currently in a position to buy but are stuck in rental properties because no one will give them a mortgage. First time buyers are vital as they allow people to trade up and keep the whole market going. Things will pick up when the first time buyers are back in the market.

[Andrew Graveson]

Someone has needed to take a lead and it seemed like only a government backed bank could do it.

The problem from a mortgage lenders perspective is if they release a competitive mortgage they risk getting deluged with applications.

A government led bank offering decent mortgages will pull other banks along with it.

[Skippy]

It just makes me laugh how they talk about government money - the government doesn't have any money, it's taxpayers' money!

[size5]

It is a step in the right direction certainly.

As with everything of this nature that you hear and read about, I shall believe it when I start to see it. Until then, a healthy dose of cynicism methinks.

Regards.