18 Apr

Mortgage lending 'is down'

Mortgage lending 'is down'

Lending for mortgage purposes slowed down in March, the Council of Mortgage Lenders (CML) has revealed.

Such gross lending was down from £31.7 billion in the corresponding month last year, the CML noted, to stand at £26.3 billion.

And calculated gross lending for the first quarter of this year hit £77.2 billion, lower than the £83.9 billion posted for the opening quarter of 2008, it said.

Director of the CML Michael Coogan urged the Bank of England to lower the base rate of interest in a bid to help rejuvenate the housing market.

"Early action is needed if we are to be able to maintain a market in which UK borrowers continue to be able to access mortgage funds at reasonable prices," he commented.

He added that it is imperative for borrowers who think they may be in repayment trouble to get in contact with their service provider.

This week, the Home Builders Federation said that it is to amend its Code of Conduct to make sure discounts involved in the buying procedure are made clearer to consumers. ADNFCR-1222-ID-18558572-ADNFCR

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