Rates & Financial News
Mortgage lending falls again
2008-07-18
Mortgage lending has fallen again according to the Council of Mortgage Lenders (CML) and declined to an estimated £23.8 billion in June.
The figure is down three per cent from May and 32 per cent from June 2007.
The CML said an increase would typically be expected in spring.
CML director general, Michael Coogan commented: "Market activity during a traditionally a busy time of year for mortgages has been muted by funding shortages and, more recently, dampened consumer demand.
"While by historic comparisons we still have had a good level of gross lending, new net lending has been constrained in 2008 and this picture will continue for the rest of this year."
Lending in the first quarter of 2008 was down 11 per cent on 12 months earlier, while the second quarter was down 21 per cent.
Earlier this week Nationwide cut the cost of mortgages for new borrowers.
The building society said rates will come down by up to 0.46 per cent on some of its fixed-rate and tracker home loans from today.
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