Mortgage Loans Fall Again
The number of new mortgage loans made in June fell to fewer than half the number made in June 2007. 47,000 loans were made compared with 98,000 in June 07. This also compares with the 52,000 loans made in May this year.According to the Council of Mortgage Lenders (CML), the majority of new mortgages are being made to those people with large deposits, with an average deposit of 22%. New borrowers have an average age of 35.
Mortgage lending activity remains relatively weak and will decline further in the coming months as a result of funding constraints and lower consumer demand," said Bob Pannell of the CML.
The effect of the squeeze has been felt across the board, with an 8% decline in the number of home loans to first-time buyers and a 9% fall in loans to home movers in June compared with May, the CML said.
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