Rics calls for mortgage continuity

Posted: 08 May 2008 10:49:12 GMT

The Royal Institution of Chartered Surveyors (Rics) is keen to see more continuity in the mortgage market.

The Royal Institution of Chartered Surveyors (Rics) is keen to see more continuity in the mortgage market.

It is calling on lenders to give guidelines on the minimum loan-to-value they are prepared to offer.

The organisation said that this would help to give confidence to borrowers, who would be able to aim for a target amount for a deposit.

Jeremy Leaf, Rics spokesman, told BBC Radio Five Live's 'Wake Up To Money' programme that consistency is needed.

"There is finance available but it is so inconsistently available and it is sending out such a difficult message to prospective purchasers," he explained.

"If your lender, whom you have been with for many years, or somebody you want to do business with, suddenly tells you that even when you are apparently very credit worthy you cannot have that loan, then inevitably it is going to have some effect on your confidence and may even deter you from buying," continued Mr Leaf.

© Houseladder Ltd