Will a government-backed mortgage lender by tougher or easier?

Wednesday, 03 December 2008 09:57

A reader from High Wycombe wants to know if it will be easier to get a mortgage with government owned mortgage lender.

Tony Davis, myfinances.co.uk mortgage expert from Mortgage Meadow, takes him through the problem and what it means to his finances.

Ross from High Wycombe asks:

Is having a mortgage with a bank owned by the government make any difference? I guess not, but will Halifax, Lloyds and RBS make things harder or easier?

Tony replies

Interesting question and I would suggest that firstly it is too early to say for certain if the government will directly influence lenders policy and were they to do so it would not be in the banking sector’s best interest to advertise the fact.

I would suggest that the main influences to a lenders attitude are house prices, the economy and how well their existing customers keep paying.

If you have a question for Tony, go to the myfinances.co.uk Ask the Mortgage Expert” section.

Or for more information or mortgage advice go to Mortgage Meadow.

Mortgage Meadow is an independent mortgage broker and is authorised and regulated by the Financial Services Authority

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