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Mortgage market subdued, says CML

12/08/2008

The mortgage market remained subdued in June, according to the latest figures from the Council of Mortgage Lenders (CML).

Statistics by the CML reveal an ongoing conservative lending climate, as banks try to avoid arrears and bad debt from customers.

Home buyers are borrowing less against their income than in May and the number of loans to first-time buyers has dropped by eight per cent.

Gross lending fell by four per cent from May to £23.6 billion in June, 32 per cent lower than in June 2007, and remortgaging was the largest share of lending at 44 per cent.

In the second quarter of 2008, 78 per cent of first-time buyers and 61 per cent of home movers used an intermediary to obtain their mortgage.

Commenting on the figures, CML head of research Bob Pannell said that mortgage lending remains "relatively weak" and will continue to decline as a result of lower demand and funding constraints.

"The majority of lending continues to be to people with larger deposits, which is prudent for borrowers and lenders in a slowing housing market" he said.

Overall, mortgage and debt management seems to be under control, as the CML recently reported that "the overwhelming majority" of the UK`s borrowers continue to pay their mortgages in full every month.

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