April sees drop in mortgage lending
May 22, 2010 by Reno
Filed under News, News-Mortgages
The mortgage lending figures for April in the UK have suffered a fall according to recently released figures. The figures were released by the Council of Mortgage Lenders earlier this week, and showed that in April gross mortgage lending fell by 12 percent.
The figures from the Council of Mortgage Lenders showed that the level of mortgage lending for the month reached a value of £10.2 billion. This marks the lowest level of mortgage lending in the UK during April for ten years according to reports. The figure reflected a £1.4 billion drop compared to the previous month, with mortgage lending levels for the month of March coming in at £11.6 billion.
The level of mortgage lending this April was also down by 1 percent compared to April of last year, when the mortgage and property markets were still severely depressed. Officials from the Council of Mortgage Lenders said that there were expectations of a slight decline in mortgage lending for the month of April due to a number of factors, including when the Easter holiday fell this year.
However, despite the discouraging figures the Council of Mortgage Lenders has said that the mortgage market is still on target at present to reach its aim of lending £150 billion in mortgage loans over the course of the year.
Whilst the mortgage market has seen some level of recovery over recent months there are still a number of problems facing groups such as first time buyers. Many are still being expected to raise a fairly sizeable deposit by lenders, which is hampering their efforts to get onto the property ladder, and these demands are being made due to the financial difficulties that are still affecting some of the banks themselves as they try to recover from the financial crisis.
Tags: gross mortgage lending, financial crisis, mortgage, Business Finance, council of mortgage lenders
Mortgage lending drops to lowest levels for 2 years
January 24, 2008 by admin
Filed under News, News-Mortgages
Mortgage lending dropped to its lowest level for over two years last month, according to figures from the Council of Mortgage Lenders (CML).
The statistics show a 25 per cent drop on gross mortgage lending compared with November and 21 per cent fall from the same figure recorded for the month last year.
Gross lending only reached £22.5 billion, the lowest amount since May 2005 and down from the £29.9 billion recorded in November. 
Simon Rubinsohn, senior economist at the Royal Institution of Chartered Surveyors, said: “2007 may have been a banner year for the mortgage market as the CML data suggests, but the most timely indicators point to a sharp slowdown in demand for property-related loans.”
However, despite the effects of the credit crunch gross mortgage lending during 2007 reached an estimated £362 billion, an increase of five per cent from the £345 billion in 2006.
Meanwhile, mortgage lenders are putting increasing pressure on the Bank of England to help them raise funds to provide potential homeowners with loans reports the Financial Times.
CML: Mortgage lenders to feel the squeeze
November 22, 2007 by admin
Filed under News, News-Mortgages
Mortgage lenders will feel the pressure of the credit crisis on the market, the Council of Mortgage Lenders (CML) has said.
The CML warned that this “testing time” is yet to come despite gross mortgage lending being up in October, standing at £32.4 billion.
Furthermore, the Building Societies Association (BSA) has revealed that £4.65 billion was lent for mortgages last month, down significantly on last year’s figures for October.
The BSA also reported the highest ever savings levels last month.
CML director general, Michael Coogan, commented: “The next few months will be a testing time as ongoing pressures in financial markets feed through into the wider economy.
“Funding constraints will continue to restrict lending activity and make loans more expensive.”
The Inflation report recently published by the Bank of England added to speculation that rates may fall, which Mr Coogan explained “should provide some relief for borrowers sooner rather than later”.
