Mortgage lending continues to fall

22 October 2008

Mortgage lending continued to fall last month, new figures reveal, as the credit crunch continued to limit access to mortgages, and would-be buyers put their plans on hold.

Mortgage lending by building societies and banks fell to £17.7 billion in total, the lowest monthly figure in three-and-a-half years, according to the Council of Mortgage Lenders (CML).

But Michael Coogan, director general of the CML, maintained that the mortgage market was still “open for business”.

A spokesperson for Think Money said: “It’s no secret that the mortgage market is more difficult than it was only a year ago. Both supply of and demand for mortgages are down, leading to a much slower market than we are used to.

“But Michael Coogan is correct when he says that the mortgage market is still ‘open for business’. Lenders still need to be competitive, and so mortgage deals are still very much available – it might just take some extra searching to find the right one.”

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