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Interest rate cuts `were not anticipated by consumers` Nearly half of young mortgage holders `need help from family` Abbey cuts mortgage rates New arrears guidance issued by CML Mortgage fraud `on the up` CML expresses concerns over sale and lease back schemes Business groups call for further rate cuts Interest rate cut `will help some struggling borrowers` Mortgage approvals `hit by continued market uncertainty` Company reduces rate of home loans Mortgage rates `to rise` Consumers `will be hit by reduced credit` `Nearly £20k` needed to secure a mortgage Borrowers urged to take advantage of good mortgage deals Mortgage lending falls in August Variable-rate mortgages `increasingly appealing to homeowners` Parents `relying on loans to cover school fees` Further mortgage rate cuts announced Remortgaging `on the rise` Mortgage lenders call for swap plan renewal

First-time buyers `find market tough`

12/09/2007

The number of home loans lent to first-time buyers dropped in July as unstable financial markets and rising house prices affected consumer confidence, according to new statistics.

Loans to first-time buyers decreased by seven per cent from June`s figures while the value of loans lent fell four per cent, to £4.4 billion. The Council of Mortgage Lenders (CML) found that first-time buyers were committing 19.7 per cent of their income to mortgage interest repayments.

However, general lending not accounted for by house purchase or remortgaging rose to its highest-ever level, £7.8 billion during the month. Loans for house purchases totalled £14.8 billion in July.

Michael Coogan, CML director general, said: "A slight fall in lending between June and July has emerged for the third year in a row, so of course we cannot read too much into a single month`s figures. But the long-anticipated slowdown in the housing and mortgage markets may now be beginning to materialise."

The CML currently has 163 members, covering 98 per cent of the mortgage industry.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according