21 May

Mortgage lending 'in line with CML forecast'

Mortgage lending 'in line with CML forecast'

The Council of Mortgage Lenders (CML) has noted that the amount of money provided in the form of home loans during April was broadly in line with its predictions.

Over the 30-day period, a total of around £10.2 billion was lent to consumers.

This was roughly the same as the £10.3 billion recorded during the same month in 2009.

According to the CML - which claims to have members that account for 94 per cent of residential lending - there has been an increase in mortgage availability over recent times and there are now higher loan-to-value products on the market.

However, it went on to note that it remains difficult for some consumers, particularly first-time buyers who lack large deposits, to secure the necessary finance.

Director-general Michael Coogan said: "We still do not know how the incoming government plans to address the funding gap looming over the next few years in the mortgage market."

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