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.”
---
Think Money offer mortgages for people in various financial situations. If you are considering getting a mortgage, contact one of our expert mortgage advisers today.
Related Resources:
Fill in our form to find your mortgage solution
Mortgage news
Repossessions rise as borrowers struggle with mortgages 18 March 2010
Lloyds doubles mortgage overpayment allowance 15 March 2010
Cost of mortgage debt falls to six-year low 12 March 2010
Homeowners urged to consider mortgage options 8 March 2010
Over 3 million don`t know interest rate on their mortgage 4 March 2010