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Commercial mortgages ‘might see market improvement’
People taking out mortgages on commercial properties might experience improved market conditions in months to come, Mortgages for Business has predicted.
However, the property expert firm also indicated that, since it is predicated on inter-bank lending rates, it is impossible to put an exact time frame on the recovery.
Due to the credit crunch, banks have been reluctant to lend to each other on the money markets – leading to a general rise in the inter-bank, or Libor, rate.
As many UK commercial mortgage lenders depend on these markets to raise revenue, this has resulted in home loans rates seeing a similar rise.
Jonathan Moore at Mortgages for Business commented: "If Libor comes down and they get liquidity back into the mortgage market then things will improve."
He added: "How long it will be is like saying: ‘How long is a piece of string’ at the moment unfortunately."
Currently the Libor rate stands at just over six per cent – more than a percentage point above the Bank of England’s base rate of interest.
