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01/09/2008
Bad News... And Yet Worse News On Mortgage Lending
Just days after news that buy-to-let investors are being hit by the mortgage squeeze alongside other homeowners, it has emerged that the number of 'ordinary' new mortgages in the UK has fallen by a dramatic amount.
Last week, it was announced that new buy-to-let loans fell to 144,600 in the first half of 2008, an 18% dip compared with the previous six months, and the first fall for three years.
The Council of Mortgage Lenders (CML) said landlords faced the same issues as homeowners during the credit crunch.
Today, the news is worse as it has been revealed that the number of new mortgages approved for homebuyers fell in July to just 33,000 - down by 71% on a year ago.
The figures from the Bank of England are at a new record low and highlight the sharp slump in mortgage lending in the course of the past year.
The credit crunch has forced banks and building societies to ration their lending to only their most credit worthy borrowers.
Redemptions from customers who were paying off their loans has also outstripped new lending by £79m.
That was only the second time this has happened in recent years.
(BMcC)
Last week, it was announced that new buy-to-let loans fell to 144,600 in the first half of 2008, an 18% dip compared with the previous six months, and the first fall for three years.
The Council of Mortgage Lenders (CML) said landlords faced the same issues as homeowners during the credit crunch.
Today, the news is worse as it has been revealed that the number of new mortgages approved for homebuyers fell in July to just 33,000 - down by 71% on a year ago.
The figures from the Bank of England are at a new record low and highlight the sharp slump in mortgage lending in the course of the past year.
The credit crunch has forced banks and building societies to ration their lending to only their most credit worthy borrowers.
Redemptions from customers who were paying off their loans has also outstripped new lending by £79m.
That was only the second time this has happened in recent years.
(BMcC)
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