Mortgage lending ‘lowest for 34 years’
13 February 2009
New figures have shown that the number of mortgages granted last year was the lowest figure since 1974.
The Council of Mortgage Lenders (CML) has said that just 516,000 mortgages were granted in 2008 – a 49% decrease on 2007 figures. Furthermore, the CML believes mortgage lending will shrink further in 2009.
The trend in mortgage lending figures has been on a decline since the peak of the market in 2007, due to both a cautious approach from lenders and a reduction in the amount of money available for lenders to offer.
A mortgage expert for Think Money commented: “Whilst mortgage lending levels were relatively low in 2008, over half a million people still succeeded in finding a mortgage.
“Speaking to a professional mortgage adviser can make a real difference to a would-be buyer’s chance of finding the best deal.”
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Tags: mortgage, remortgage, mortgages, remortgages, mortgage lending
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