Greenhill Ready to Advise Homeowners on 'Best Buy' Borrowing

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With the financial crisis apparently now over, banks have lost no time in saying they are ready to kick-start lending again to homeowners. Greenhill Finance, one of the UK's leading finance brokers, is at the forefront of advising borrowers on how best to take advantage of changes in the lending market.

Quote: 'Achieving a broad, deep mortgage market in general with a good spread of products enabling access to the mortgage market for all credit-worthy borrowers' is the Government's aim for all UK banks - HM Treasury.

Despite some uncertainty about exactly how much more the UK's banks will now be asked to lend - will it be more or less than '2007 levels', as the Government insisted this week - there is no disagreement that there will be more. The real questions now are what loan products are out there and where to find the best ones?
Greenhill Finance, one of the UK's leading finance brokers, is at the forefront of advising homeowners on the big changes now on the way in the lending market.

The Cheshire-based company has positioned itself to offer the best possible advice to homeowners, particularly those with a poor credit rating, in helping them find the best secured loan or remortgage deal for an individual's circumstances.
Not just the Government but the industry's watchdog the Financial Services Authority (FSA), the British Bankers' Association (BBA) and the Council of Mortgage Lenders (CML) have all gone public on their desire and intention to see lending increase as a result of Monday's massive £37 billion bank bail-out.

On mortgages in particular the CML said the Treasury had made clear the Government's wish to 'achieving a broad, deep mortgage market in general with a good spread of products enabling access to the mortgage market for all credit-worthy borrowers.'
The Government wants to see banks 'maintaining, over the next three years, the availability and active marketing of competitively-priced lending to homeowners and to small businesses at 2007 levels'.

Leaving aside the moot point about what is meant by 2007 levels - the newly nationalised Royal Bank of Scotland, for example, claimed it lent less in 2007 than earlier this year - this statement means providing more money for home loans to help reverse the slump in mortgage lending as a result of the credit crunch.
Confirming that Britain's banks have signed up to 'improving lending for mortgages and small businesses', the BBA's Angela Knight said that the Treasury's statement is 'undoubtedly something that says, to individuals, there is going to be some more lending in future than there has been in the past.'

The Financial Services Authority, the industry's watchdog, has also made it clear it wants the quantity of mortgage lending to increase.
A note of caution has, however, been sounded by RBS chairman Sir Tom McKillop. He pointed out that the Government had agreed that RBS should not indulge in what he called 'reckless or uncommercial mortgage lending just to get things going again'.
Under the new agreement, he said, mortgages will not necessarily become cheaper or more plentiful as far as RBS is concerned.

It remains to be seen how much this approach by the new publicly-owned but still major lender RBS is followed by the UK's other lenders - but this is why sound advice is more than ever essential, points out Greenhill Finance.
It adds that the signs are looking good for a significant upturn in the lending market from now on and if that happens it is probable, with the known shortage of housing in Britain generally, the country will see a much quicker stabilisation of house prices than forecast even a week ago.

For more information call 0800 916 4148 or visit http://www.greenhillfinance.co.uk.

Useful links
http://news.bbc.co.uk/1/hi/uk_politics/7667284.stm

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Justin Mason
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