CML releases new lending figures
Gross mortgage lending was on the increase last month, figures from the Council of Mortgage Lenders (CML) showed today.
According to the CML statistics, lending went up by five per cent from February, to hit £26.3 billion.
This means that more people are taking out home loans products such as mortgages for professionals.
However, overall gross lending for the first quarter of 2008 was down eight per cent year-on-year - and the CML also predicted worsening mortgage conditions in months to come.
Reports that the Bank of England will be taking action to improve cash flows among mortgage lenders by swapping hard-to-value financial products for government bonds were also welcomed by the body.
CML director general, Michael Coogan said: "The picture for mortgage approvals for new business and prospective lending levels in the next few months is worsening.
"We await the eagerly anticipated announcement of further action by the Bank of England to respond to these rapidly worsening market conditions; early action is needed if we are to be able to maintain a market in which UK borrowers continue to be able to access mortgage funds at reasonable prices."
According to the CML statistics, lending went up by five per cent from February, to hit £26.3 billion.
This means that more people are taking out home loans products such as mortgages for professionals.
However, overall gross lending for the first quarter of 2008 was down eight per cent year-on-year - and the CML also predicted worsening mortgage conditions in months to come.
Reports that the Bank of England will be taking action to improve cash flows among mortgage lenders by swapping hard-to-value financial products for government bonds were also welcomed by the body.
CML director general, Michael Coogan said: "The picture for mortgage approvals for new business and prospective lending levels in the next few months is worsening.
"We await the eagerly anticipated announcement of further action by the Bank of England to respond to these rapidly worsening market conditions; early action is needed if we are to be able to maintain a market in which UK borrowers continue to be able to access mortgage funds at reasonable prices."
