Menu
11/08/2009
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. However, this is less than half the average number of loans in June over the last seven years.
The number of loans for remortgage increased by 13% from May to 34,000 loans in June but low interest rates have dampened demand for remortgaging.
There were 17,200 loans to first-time buyers, worth £1.9 bn.
According to the CML the tightening in criteria since the onset of the credit crunch appears to have ended. The typical first-time buyer had a 25% deposit, unchanged since February, with home movers typically borrowing 69% of the property's value.
CML economist Paul Samter said: "Low interest rates and realistic selling prices have helped generate a welcome increase in transactions. But there is some way to go before we reach normal levels of activity.
"There are tentative signs that lending criteria are easing, but remortgaging demand is likely to remain subdued whilst interest rates stay at current levels."
(GK/KMcA)
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. However, this is less than half the average number of loans in June over the last seven years.
The number of loans for remortgage increased by 13% from May to 34,000 loans in June but low interest rates have dampened demand for remortgaging.
There were 17,200 loans to first-time buyers, worth £1.9 bn.
According to the CML the tightening in criteria since the onset of the credit crunch appears to have ended. The typical first-time buyer had a 25% deposit, unchanged since February, with home movers typically borrowing 69% of the property's value.
CML economist Paul Samter said: "Low interest rates and realistic selling prices have helped generate a welcome increase in transactions. But there is some way to go before we reach normal levels of activity.
"There are tentative signs that lending criteria are easing, but remortgaging demand is likely to remain subdued whilst interest rates stay at current levels."
(GK/KMcA)
Related UK National News Stories
Click here for the latest headlines.
01 September 2003
Mortgage lending on the rise despite concerns over consumer debt
Mortgage lending hit a record high in July, according to the latest figures from the Bank of England. A further cut in interest rates saw gross mortgage lending rise by £8.35bn - the highest since records began in April 1993.
Mortgage lending on the rise despite concerns over consumer debt
Mortgage lending hit a record high in July, according to the latest figures from the Bank of England. A further cut in interest rates saw gross mortgage lending rise by £8.35bn - the highest since records began in April 1993.
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.
02 February 2012
Labour Question Tax Deal For Student Loans Chief
Labour's Shadow Exchequer Secretary has called for an investigation after reports emerged that the chief executive of the Student Loans Company was paid through a third party company.
Labour Question Tax Deal For Student Loans Chief
Labour's Shadow Exchequer Secretary has called for an investigation after reports emerged that the chief executive of the Student Loans Company was paid through a third party company.
02 November 2011
Student Loan Company Recruits 'Lab Subjects'
Students from across the country are being recruited to take part in a unique experiment, which could shape how student finance products and services are run in the future. The Student Loans Company (SLC) has launched a nationwide search for 5,000 customers to take part in its online Student Finance Lab.
Student Loan Company Recruits 'Lab Subjects'
Students from across the country are being recruited to take part in a unique experiment, which could shape how student finance products and services are run in the future. The Student Loans Company (SLC) has launched a nationwide search for 5,000 customers to take part in its online Student Finance Lab.
17 December 2009
National News In Brief
White Christmas? About 200 drivers on the M20 and M2 in Kent were stuck in tailbacks overnight and flights have also been cancelled. Other commuters are also experiencing travel disruption as heavy snow falls across much of the UK, with south-east and east England worst affected.
National News In Brief
White Christmas? About 200 drivers on the M20 and M2 in Kent were stuck in tailbacks overnight and flights have also been cancelled. Other commuters are also experiencing travel disruption as heavy snow falls across much of the UK, with south-east and east England worst affected.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
