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11/08/2009
Rise In Mortgage Lending
Lending for house purchase and remortgaging both increased in June, according to lenders.
New data from the Council of Mortgage Lenders shows further signs of stabilisation in the mortgage market, but transactions are still weak on a historic basis.
There were 45,000 house purchase loans, worth £5.9 bn, up 23% from 36,500 loans in May. However, this is less than half the average number of loans in June over the last seven years.
The number of loans for remortgage increased by 13% from May to 34,000 loans in June but low interest rates have dampened demand for remortgaging.
There were 17,200 loans to first-time buyers, worth £1.9 bn.
According to the CML the tightening in criteria since the onset of the credit crunch appears to have ended. The typical first-time buyer had a 25% deposit, unchanged since February, with home movers typically borrowing 69% of the property's value.
CML economist Paul Samter said: "Low interest rates and realistic selling prices have helped generate a welcome increase in transactions. But there is some way to go before we reach normal levels of activity.
"There are tentative signs that lending criteria are easing, but remortgaging demand is likely to remain subdued whilst interest rates stay at current levels."
(GK/KMcA)
New data from the Council of Mortgage Lenders shows further signs of stabilisation in the mortgage market, but transactions are still weak on a historic basis.
There were 45,000 house purchase loans, worth £5.9 bn, up 23% from 36,500 loans in May. However, this is less than half the average number of loans in June over the last seven years.
The number of loans for remortgage increased by 13% from May to 34,000 loans in June but low interest rates have dampened demand for remortgaging.
There were 17,200 loans to first-time buyers, worth £1.9 bn.
According to the CML the tightening in criteria since the onset of the credit crunch appears to have ended. The typical first-time buyer had a 25% deposit, unchanged since February, with home movers typically borrowing 69% of the property's value.
CML economist Paul Samter said: "Low interest rates and realistic selling prices have helped generate a welcome increase in transactions. But there is some way to go before we reach normal levels of activity.
"There are tentative signs that lending criteria are easing, but remortgaging demand is likely to remain subdued whilst interest rates stay at current levels."
(GK/KMcA)
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Mortgage lending on the rise despite concerns over consumer debt
Mortgage lending hit a record high in July, according to the latest figures from the Bank of England. A further cut in interest rates saw gross mortgage lending rise by £8.35bn - the highest since records began in April 1993.
Mortgage lending on the rise despite concerns over consumer debt
Mortgage lending hit a record high in July, according to the latest figures from the Bank of England. A further cut in interest rates saw gross mortgage lending rise by £8.35bn - the highest since records began in April 1993.
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Remortgaging Continues To Decline
The mortgage market is on two speed settings, as house purchase lending continues to recover but remortgaging continues to decline, according to the latest data released by the Council of Mortgage Lenders (CML). The number of house purchase loans in August (53,000) is down 5% from July but 29% higher than August a year ago.
Remortgaging Continues To Decline
The mortgage market is on two speed settings, as house purchase lending continues to recover but remortgaging continues to decline, according to the latest data released by the Council of Mortgage Lenders (CML). The number of house purchase loans in August (53,000) is down 5% from July but 29% higher than August a year ago.
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White Christmas? About 200 drivers on the M20 and M2 in Kent were stuck in tailbacks overnight and flights have also been cancelled. Other commuters are also experiencing travel disruption as heavy snow falls across much of the UK, with south-east and east England worst affected.
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Northern Ireland WeatherThis Evening and Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
