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21/05/2004
Upward trend in mortgage lending continues rise, says report
Mortgage lending in April totalled £25 billion, 1% higher than in March and 25% higher than in April last year, according to the latest lending data from the Council of Mortgage Lenders (CML).
House purchase loans accounted for 51% of gross lending, at £12.8 billion, matching the record figure of October last year. House purchase lending was 11% higher than in March, and 58% higher than in April last year. It is likely to have been bolstered both by seasonal factors and by the effect of rising house prices, the CML said.
Loans to first-time buyers slipped back to 28% of all loans for house purchase from 31% the previous month and 34% last April. But the number of first-time buyers held up reasonably well at around 33,000, despite continuing affordability constraints.
Remortgaging, by contrast, slowed to just 33% of the market - the lowest proportion since September 2002. At £9.2 billion the value of remortgaging fell from £10.1 billion in March, and was 5% lower than last April's figure of £9.7 billion, when it accounted for 49% of new lending. The slowdown in year-on-year growth since the beginning of the year appears to bring to an end the trend of rising remortgage activity that has been evident since the late 1990s, the council said.
CML Director General Michael Coogan that despite there being no sign a decline in total lending, borrowers should realise that mortgages will become more expensive throughout the rest of this year.
"But it is interesting to note the slowdown in remortgaging over the past few months," he said.
"Given that there is some relationship between remortgaging and mortgage equity withdrawal, this may suggest that the consumer appetite for borrowing against housing equity could at last be showing early signs of flagging. If so, then this would be a helpful pointer towards the likelihood of a soft landing for the housing market."
(gmcg)
House purchase loans accounted for 51% of gross lending, at £12.8 billion, matching the record figure of October last year. House purchase lending was 11% higher than in March, and 58% higher than in April last year. It is likely to have been bolstered both by seasonal factors and by the effect of rising house prices, the CML said.
Loans to first-time buyers slipped back to 28% of all loans for house purchase from 31% the previous month and 34% last April. But the number of first-time buyers held up reasonably well at around 33,000, despite continuing affordability constraints.
Remortgaging, by contrast, slowed to just 33% of the market - the lowest proportion since September 2002. At £9.2 billion the value of remortgaging fell from £10.1 billion in March, and was 5% lower than last April's figure of £9.7 billion, when it accounted for 49% of new lending. The slowdown in year-on-year growth since the beginning of the year appears to bring to an end the trend of rising remortgage activity that has been evident since the late 1990s, the council said.
CML Director General Michael Coogan that despite there being no sign a decline in total lending, borrowers should realise that mortgages will become more expensive throughout the rest of this year.
"But it is interesting to note the slowdown in remortgaging over the past few months," he said.
"Given that there is some relationship between remortgaging and mortgage equity withdrawal, this may suggest that the consumer appetite for borrowing against housing equity could at last be showing early signs of flagging. If so, then this would be a helpful pointer towards the likelihood of a soft landing for the housing market."
(gmcg)
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13 February 2009
OFT Consults On Second Charge Lending Guidance
The Office of Fair trading (OFT) today launched a consultation on draft guidance for businesses engaged in second charge lending. Second charge loans, or 'homeowner loans', involve consumers with an existing mortgage taking out further personal borrowing secured against their home.
OFT Consults On Second Charge Lending Guidance
The Office of Fair trading (OFT) today launched a consultation on draft guidance for businesses engaged in second charge lending. Second charge loans, or 'homeowner loans', involve consumers with an existing mortgage taking out further personal borrowing secured against their home.
21 May 2009
Mortgage Lending Falls By 9%
Mortgage lending declined to an estimated £10.4 billion in April, down 9% from £11.4 billion in March and 60% from £26.1 billion in April 2008, according to new data from the Council of Mortgage Lenders (CML). The CML said there is a slight fall for seasonal reasons as Easter fell in April this year, compared to March last year.
Mortgage Lending Falls By 9%
Mortgage lending declined to an estimated £10.4 billion in April, down 9% from £11.4 billion in March and 60% from £26.1 billion in April 2008, according to new data from the Council of Mortgage Lenders (CML). The CML said there is a slight fall for seasonal reasons as Easter fell in April this year, compared to March last year.
12 October 2009
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.
15 April 2009
House Purchase Lending Edges Up And Remortgaging Declines
The number of house purchase loans ticked up in February, according to new data from the Council of Mortgage Lenders (CML). There were 24,300 house purchase loans worth £3.1 billion, compared with 23,400 loans worth £3.1 billion in January - a 4% increase.
House Purchase Lending Edges Up And Remortgaging Declines
The number of house purchase loans ticked up in February, according to new data from the Council of Mortgage Lenders (CML). There were 24,300 house purchase loans worth £3.1 billion, compared with 23,400 loans worth £3.1 billion in January - a 4% increase.
11 August 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.
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.
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