12 Nov

CML reveal number of mortgages remain unchanged

CML reveal number of mortgages remain unchanged

The Council of Mortgage Lenders (CML) has revealed that the number of mortgages taken out by people purchasing houses for sale in the UK remained unchanged between August and September 2010.

It also showed that while the quantity of home loans taken out stayed the same, the volume of money dropped by £0.2 billion.

This indicates that homebuyers looking to purchase properties for sale in Britain are requiring lower mortgages, reflecting a fall in the average price of a house.

Indeed, this could be why the number of loans given to first-time buyers rose by four per cent to 18,600 in September.

The CML's figures also showed that the number of loans taken out for remortgaging rose from 25,000 in August to 29,000 in September.

These results are likely to be welcomed by people looking to buy houses for sale, in addition to the news the Bank of England reported earlier this week that the average tracker rate for mortgages dropped from 3.72 per cent in July to 3.56 per cent in September.ADNFCR-1222-ID-800233346-ADNFCR

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