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Mortgage lenders are 'optimistic'

Mortgage lenders are 'optimistic'

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Although the economy is experiencing a period of uncertainty, mortgage lenders are optimistic about the future, it has been suggested.

According to a survey by the Intermediary Mortgage Lenders Association (IMLA), found that no company is expecting the UK to hit a recession.

However, 44 per cent of IMLA members did predict two quarters of negative growth during 2008.

The most positive forecast was given by IMLA members in the south-east, with 22 per cent of respondents expecting no change to the current market.

IMLA's executive director Peter Williams stated that the industry has a robust outlook.

"Times are tough in the mortgage market, but key participants in industry remain confident that we can steer clear of an all-out recession. There are also pockets of greater optimism - surprisingly enough, in the south-east, for example," he said.

At the beginning of the week, the latest Nationwide house price index revealed a drop in property values of one per cent over the last year.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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