- Lowest number of Mortgage Approvals since records began.
- In a breaking report from the Bank of England only 64,000 mortgages were approved last month.
- Tue 29th Apr 2008
- Are the Banks getting greedy?
- In a test case in the High Court today, 8 UK Banks may be deemed to have be charging their customers unfairly.
- Thu 24th Apr 2008
- Comparison websites under the hot spotlight.
- The centre for competition policy has produced a report saying independent checks need to be made of comparison websites.
- Sat 12th Apr 2008
Mortgage market 'showing resilience'
Tue 8 Jan 2008 11am
The UK mortgage sector is still performing well despite tightening market conditions, a new report has claimed.Figures released for November 2007 by the Council of Mortgage Lenders (CML) show that, although gross lending was down on previous months, the market demonstrated considerable "resilience" in the face of the global credit crunch.
According to the CML, gross lending fell by 10.4 per cent from October to £30 billion, while lending for house purchases decreased by 3.1 per cent, totalling 80,000 transactions.
The organisation's director general Michael Coogan sounded a positive note about the modest nature of these declines and said that conditions could improve if the Bank of England decides to reduce interest rates this week.
He commented: "At a time of global market uncertainty, business levels in the mortgage market are holding up reasonably well in the UK despite funding constraints.
"Consumer confidence would be further underpinned by another rate cut this week."
The Bank's monetary policy committee will make its interest rate decision on Thursday (January 10th), with the minutes of the meeting due to be published on January 23rd.
