BGN Entrepreneur

Mortgage lending continues to be weak, says the Council of Mortgage Lenders (CML). Total mortgage in October was £ 12.4, the same as in September, but the lowest October figure since 2000. The further rationing of credit has been the most important factor for the recent fall in house prices.

The CML said lending in the coming months are likely to be less than a year ago. “Is the month to month, year over year likely to continue to decline slightly in the coming months, as underlying loan volume increased in the second half of 2009 as borrowers rushed the benefits of the stamp duty take concession before the end of the year,” said the CML. Brian Murphy, the mortgage broker the Mortgage Advice Bureau, said he was “encouraged” mild “there was no fresh drop in the lending business from September to October was.

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