Legal & General: "Summer of discontent" ahead for borrowers
www.moneynews.co.uk > Housing market > Legal & General: "Summer of discontent" ahead for borrowers
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Legal & General: "Summer of discontent" ahead for borrowers
Thu 8th May 2008
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It predicted that a "summer of discontent" is ahead for borrowers as lenders continue to exercise caution and favour direct lending.
The bank suggested that the market went "too far" down one path with cheap and easy credit and has now gone to the other extreme following the credit crunch.
Legal & General noted that "the last time the base rate was 5 per cent, a typical two-year fixed rate was 25 basis points lower. Now it is more like a 100 basis points higher".
Last month the bank's Home Sweet Home survey found that the majority of British people are still hoping to live in their dream property at some point in the future.
Related News : Housing market |
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Related News : Legal and General |
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