Mortgage lending improves.
June 24th, 2008 by 
Guy
Mortgage lending showed a slight improvement in April, according to the Council of Mortgage Lenders (CML).
Some 50,000 loans to buy homes were granted in April this year, a rise of over 5,000 from the previous month and the highest level since December 2007.
But the number was still over 36% down compared with the same month last year because of the credit crisis.
The average first time buyer put down a deposit of 12% of a property’s value and borrowed 3.4 times their income.
A spokesperson, for the CML, said that the low levels of lending were going to continue for quiet a time yet.
Monthly house purchase volumes continue to be lower than last year and there will be a further downturn in coming months as recent data has shown.
The credit crunch has caused the banks to reduce lending, especially to those they consider to be more of a risk.
The Bank of England have made extra funds available recently to encourage banks to lend to each other.
First time buyers have felt the effects more than anyone else, and the CML figures show that first time buyers have been asked to put down far larger deposits.
The CML data shows that the 12% deposit of a propertys value put down by the average first time buyer is the largest for more than four years.
However, customers who need to borrow less than 75% by putting down a bigger deposit are being offered far better deals on tracker and fixed rate mortgages.
Mortgage lending in the UK rose by 8% in April to £26.2billion, from £24.0billion in March, after two months of decline
Remortgages accounted for over 40% of gross lending in April and has continued to be more stable than house purchases as a large number of borrowers exit their fixed rate deals.
Posted in Mortgage news | 
June 24th, 2008 at 11:49 am
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June 24th, 2008 at 11:51 am
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June 30th, 2008 at 8:38 am
Remortgages stay more stable and have gained popularity due to their rates offered and a long period of repayment with high remortgages size. If a person has applied for mortgages and bumps into a mortgage package that’s better than his earlier loan rate, he has an option to switch from one mortgage loan to remortgages or completely change the lender itself.
June 30th, 2008 at 8:40 am
Remortgages stay more stable and have gained popularity due to their rates ( see rates here http://www.badcredit-mortgages.org.uk/bad_credit_remortgages.php ) offered and a long period of repayment with high remortgages size. If a person has applied for mortgages and bumps into a mortgage package that’s better than his earlier loan rate, he has an option to switch from one mortgage loan to remortgages or completely change the lender itself.
June 30th, 2008 at 8:40 am
Remortgages stay more stable and have gained popularity due to their rates ( see rates here http://www.badcredit-mortgages.org.uk ) offered and a long period of repayment with high remortgages size. If a person has applied for mortgages and bumps into a mortgage package that’s better than his earlier loan rate, he has an option to switch from one mortgage loan to remortgages or completely change the lender itself.
June 30th, 2008 at 8:42 am
Remortgages stay more stable and have gained popularity due to their rates ( see rates here badcredit-mortgages.org.uk ) offered and a long period of repayment with high remortgages size. If a person has applied for mortgages and bumps into a mortgage package that’s better than his earlier loan rate, he has an option to switch from one mortgage loan to remortgages or completely change the lender itself.
June 30th, 2008 at 8:43 am
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