CML optimistic about mortgage approvals
The Bank of England (BoE) statement concerning the reduction in mortgage lending is far better than preliminary surveys anticipated, according to the Council of Mortgage Lenders (CML).
Although the £7.3 billion rise in mortgage lending is significantly lower than the September level of £9.5 billion, this 0.6 per cent monthly rise was better than was forecast.
CML director general, Michael Coogan explained that it is "up to the (BoE) and the government to consider how best to unblock the funding logjam that some UK lenders are experiencing".
Sue Anderson, head of member and external relations at the Council of Mortgage Lenders, said: "I think it is more robust than doomsters have been predicting.
"What we're seeing from the BoE's statement out today is a far less dramatic reduction in approvals than the preliminary surveys, such as the BBA, had shown."
She added that the slowdown is a "more robust" forecast for the mortgage market than predicted.
Although the £7.3 billion rise in mortgage lending is significantly lower than the September level of £9.5 billion, this 0.6 per cent monthly rise was better than was forecast.
CML director general, Michael Coogan explained that it is "up to the (BoE) and the government to consider how best to unblock the funding logjam that some UK lenders are experiencing".
Sue Anderson, head of member and external relations at the Council of Mortgage Lenders, said: "I think it is more robust than doomsters have been predicting.
"What we're seeing from the BoE's statement out today is a far less dramatic reduction in approvals than the preliminary surveys, such as the BBA, had shown."
She added that the slowdown is a "more robust" forecast for the mortgage market than predicted.
