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CML: Action required to boost lending
2008-12-23
More effort is required to improve lending in the UK mortgage market, according to the Council of Mortgage Lenders (CML).
A spokeswoman from the organisation said positive news in the housing market during 2009 could be dependent on how much action is taken by the government.
"We think we need further action to 'incentivise' new lending. We would like to see them act on the recommendations of the Crosby Report. We'd like to see that as soon as possible," she said.
The CML spokeswoman noted that banks face complicated situations, with each institution facing different challenges.
Shortage of funding is the main issues affecting the health of the mortgage market ahead of the new year, she said.
Her comments come after quarterly statistics released by the CML showed that 1.58 per cent of buy to let mortgage loans were in arrears by the end of September, compared to 1.1 per cent in June.
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