At yesterday’s Prime Ministers Question Time, Liberal Democrat MP for North Cornwall and former Shadow Minister for the Environment, Housing, Arts and Heritage, Dan Rogerson asked the Prime Minister a question relating to mortgages.
He asked: “Given the keen interest of the Prime Minister in single markets, will you look at mortgage lenders restricting legal work to a small number of larger firms and depriving local practices of the work which keeps them at the heart of local high streets and the striving small business economy?"
The Prime Minister responded: “I think he makes a good point, my honourable friend, and I’ll look closely at this.
“We do want to see a competitive market in financial services and in conveyancing and I think it’s a major issue in our economy at the moment to get that mortgage moving.
“There are good signs, as the Governor of the Bank of England said last night, that credit conditions are easing.
“We need to make sure they are easing for people who are trying to buy their first flat and their first home, who don’t have a big deposit, who don’t have a lot of hope from the bank of mum and dad, and make sure we’re on their side.”