Bad credit loans are still being blamed for the trouble in the housing market and banks are getting to the point where they are very hesitant to lend out any money, especially to first time buyers. The combination of a new buyer that needs is a bad credit loan is particularly bad at this time and not much is being done to assist them. However, the CML is stepping up to try to help first time buyers, even if they do need a bad credit loan. Numerous programs are being offered to try to help these clients get a loan, but it is going to remain up to the housing market to see how well these new programs will work.A Communities and Local Government spokesman said: “We are working closely with mortgage lenders to ensure that the market remains accessible for first-time buyers, and recently announced a major expansion of our affordable housing scheme to cut the costs of getting on to the housing ladder by up to 50 per cent.”"While tighter criteria make it more difficult for some borrowers to obtain a mortgage, they also reduce risk in a slower housing market,” stated Michael Coogan with the CML.
Related reading: Bad Credit Loan
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