Mortgage Lending Continues to Fall
Mortgage lending continued to fall in September. Total lending was £17.7 billion down 10% fromAugust and 42% lower than September 2007.
This is the lowest monthly lending since January 2005 and the lowest for a September since 2001.
The Council of Mortgage Lenders now expect mortgage lending in 2008 to be 37% of the amount lent in 2007.
The traditional 95%-mortgage has all but disappeared, with most borrowers required to put down a minimum deposit of at least 10%, and often more.
And earlier this month, the Bank of England's own official survey of lending intentions by banks and building societies found that lenders intended to restrict lending even further in the rest of the year.
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