AMI calls for action for mortgage market

Date:Monday 26th January 2009
Author: Susanna Kavka

Consumer interests need to be a focus for mortgage lenders in trying to revive the housing market.

This is the assertion made by the Association of Mortgage Intermediaries (AMI) as it made its first economic report of the year.

According to Robert Sinclair, director of the AMI, the forecast for the mortgage market in 2009 is "gloomy".

He said that mortgage brokers could find they have less market share throughout the year and warned that government measures have not yet been fully established.

"During this period, the long-term need to put consumer interests first (and value their desire to consult an intermediary) must be respected by lenders," he said.

Earlier this month, the AMI responded to the base rate reduction by saying that it would not have a significant influence on the "real problems" within the mortgage market.

It said that lack of liquidity was the real issue and called on the government to take the action outlined by the Crosby Review.