CML calls for targeted govt action
Specific action from the government is needed to assist mortgage lending in 2009, according to the Council of Mortgage Lenders (CML).
Michael Coogan, director general of the CML, speaking at the organisation's annual conference, said consumer borrowing will not return to the levels seen in 2007 even if funds increase and a wide variety of lenders become active in the mortgage market again.
He commented that "further targeted action" from the government is needed to help market participants or the industry will feel the affects of the recession in 2009.
Greater assistance to the mortgage market could boost liquidity and increase the range of deals available to potential borrowers of mortgages for professionals.
"A good outcome next year in my view would be if we had lending at levels seen in 2008, but bearing in mind we will be in a recession ... this would be a real challenge," Mr Coogan added.
The CML has estimated £258 billion worth of gross of lending for 2008, compared to £363 billion in 2007.
As originally predicted in October 2007, the number of repossessions forecast in 2008 by the CML is about 45,000.
Mortgages for professionals provides expert mortgage advice and is committed to represent the borrower not the lender on over 30,000 mortgage products for high earning clients.
Michael Coogan, director general of the CML, speaking at the organisation's annual conference, said consumer borrowing will not return to the levels seen in 2007 even if funds increase and a wide variety of lenders become active in the mortgage market again.
He commented that "further targeted action" from the government is needed to help market participants or the industry will feel the affects of the recession in 2009.
Greater assistance to the mortgage market could boost liquidity and increase the range of deals available to potential borrowers of mortgages for professionals.
"A good outcome next year in my view would be if we had lending at levels seen in 2008, but bearing in mind we will be in a recession ... this would be a real challenge," Mr Coogan added.
The CML has estimated £258 billion worth of gross of lending for 2008, compared to £363 billion in 2007.
As originally predicted in October 2007, the number of repossessions forecast in 2008 by the CML is about 45,000.
Mortgages for professionals provides expert mortgage advice and is committed to represent the borrower not the lender on over 30,000 mortgage products for high earning clients.
