Mortgage lending 'is down'
Lending for mortgage purposes slowed down in March, the Council of
Mortgage Lenders (CML) has revealed.
Such gross lending was down from £31.7 billion in the
corresponding month last year, the CML noted, to stand at
And calculated gross lending for the first quarter of this year hit
£77.2 billion, lower than the £83.9 billion posted for
the opening quarter of 2008, it said.
Director of the CML Michael Coogan urged the Bank of England to
lower the base rate of interest in a bid to help rejuvenate the
"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," he commented.
He added that it is imperative for borrowers who think they may be
in repayment trouble to get in contact with their service
This week, the Home Builders Federation said that it is to amend
its Code of Conduct to make sure discounts involved in the buying
procedure are made clearer to consumers.