Mortgage lending 'back on the rise'
08-Jul-2008
The number of
mortgages lent to
first-time buyers rose in May, although it was still a lower quantity than the same time last year.
New figures from the Council of Mortgage Lenders (CML) reveal a four per cent increase in the number of deals agreed from April to May, with 52,700
mortgages lent overall - remaining 44 per cent lower than May 2007.
"Lending levels continue to be lower than last year and any recovery is still some way away, with little sign of the special liquidity scheme increasing the flow of funds to the industry or lowering the cost of funds as hoped," remarked CML director general Michael Coogan.
He noted that the number of loans to
first-time buyers rose by four per cent from April to 19,200, although this was 41 per cent lower than May last year.
Fixed-rate mortgages increased in popularity in May, according to the latest data, up from 59 per cent in April to 66 per cent of all new loans.
"The growing popularity of fixed-rate mortgages, despite the relatively high rates, suggests that many borrowers are prioritising certainty in their monthly payments," concluded Mr Coogan.
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CML figures indicate highest deposits in 3 years Rate decision signals first-time buyer stability, says specialist
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