Potential buyers with bad credit history 'will struggle' to find mortgages
Consumers with bad credit history are likely to continue to struggle to obtain a mortgage, according to an expert.
Robert Sinclair, director at the Association of Mortgage Intermediaries, argued that the flow of finance to the subprime market is not showing any signs of improving.
Price comparison site Moneyfacts.co.uk recently revealed that the proportion of mortgages available to such borrowers has fallen from almost 24 per cent in January to just 0.6 per cent now.
As a result, those seeking property in Dulwich who have a poor credit history may prefer to rent a house or flat rather than buy.
Mr Sinclair explained that consumers are in a "difficult position" if they already owe money, as "if they can't obtain further credit then the only places they can end up are in things like debt management".
Recent figures from the British Bankers' Association indicated that mortgage approvals were down 30.6 per cent in February, compared to a year earlier.
Written by Tom Price
Published 9th April, 2009
© 2009 Estates IT Limited
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Consumers with bad credit history are likely to continue to struggle to obtain a mortgage, according to an expert.