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Posted - 20 September 2007 : 10:39:53
Mortgage lending slows down
Mortgage lending slowed down slightly in August, according to the latest report from the Council of Mortgage Lenders (CML).
At £32.2bn, gross lending was 6% lower than in July and 3% down from August last year.
The figures chime with other recent surveys, which have suggested that the property market may now be slowing.
The CML said borrowers should assume that mortgage rates would stay roughly where they are for the time being.
"Lending fell slightly in August, but was still at very high levels," CML director general Michael Coogan said.
"We see no obvious decline in consumer demand, although some decrease in the supply of lending is being experienced in the short term as a result of the problems lenders face in raising wholesale funding," he added.
Although some mortgage deals have become more expensive following the recent turmoil in the financial markets, the CML pointed out that other deals had become cheaper - for instance, some fixed-rate deals.
Separately, the British Bankers Association said that in August its members, who account for about 55% of mortgage lending, saw a rise in the volume of their net lending, taking into account repayments by customers.
"This resilience shows the popularity of home ownership and also reflects more remortgaging activity," said a BBA spokesman.
Source: bbc.co.uk
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