CML Reports Decrease in Mortgage Lending
According to data released in the past few days by the CML (the Council of Mortgage Lenders), mortgage lending decreased in recent months, which indicates that the current world market’s turmoil is affecting the mortgage market.
First-time-buyers usually took out loans for 88% of the overall property’s value in January, down from 90% in December and January 2007. Home movers on average borrowed 70% of the property’s value, down from 73% in December and 72% in January 2007.
The average first-time buyer borrowed 3.32 times their income, down from 3.38 in December and 3.31 in January last year. Home movers typically borrowed 2.97 times their income, down from 3.04 in December and 3.0 in January 2007.
Interestingly enough remortgaging activity increased by 43%, going up to 85,000 remortgages from 59,000 in December 2007.
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