Home loan figures come under par
11/12/08
Home loan figures are again in the spotlight as recent market figures suggest loan level figures are considerably lower than figures for last year. With the down turn in loan level figures the UK housing market is showing signs of increased mortgage approvals.
Figures from the CML – Council of Mortgage Lenders show that 39,900 home buying loans accounted for £5.5 billion during October.
The clear consumer and lender battle keeps on going as consumers want lenders to be more lenient during these difficult times and lenders are reducing rates on savings and tightening on lending criteria.
The director general for the Council of Mortgage Lenders commented that “We believe the government urgently needs to review the cumulative effect of the approach it has taken in the recapitalisation process on large lenders’ willingness and capacity to lend.
“Ultimately, the response of each lender - whether on commitments to follow base rate moves or to finance new business in the future - will depend on its access to, and the price of, its funding.”
