14 Jan

CML: House lending remained stable in November 2010

CML: House lending remained stable in November 2010

The number of mortgages advanced for people taking out finance to buy properties for sale in the UK in November 2010 was similar to those reported during the previous month.

According to the Council of Mortgage Lenders (CML), there were 44,000 home loans advanced in November, remaining unchanged from October.

It also noted that the value of the mortgages was stable between the two months, both coming in at around £6.3 billion.

The CML report revealed that tight lending restrictions had eased a little, with first-time buyers taking out finance on 80 per cent of the value of the property in November.

Director general of the CML Michael Coogan said: "It is encouraging to see credit criteria becoming a little more liberal for first-time buyers."

Earlier this month, the Bank of England released findings which reported that the value of home loans given out in November had risen from October.

It said that total lending to individuals secured on dwellings rose by £800 million during the month. ADNFCR-1222-ID-800343113-ADNFCR

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