Small rebound in mortgage lending ...
12 June 2008, 10:18 AM
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Small rebound in mortgage lending ...
Small rebound in mortgage lending
The property market has seen a decade-long boom come to a halt
Mortgage lending showed a slight rebound in April, according to the Council of Mortgage Lenders (CML).
Some 51,000 home loans for house purchase were granted in April, a rise of 5,000 from the previous month and the highest since December.
But the number was still 36% down compared to the same month in April 2007 owing to the credit crunch.
The average first-time buyer put down a 13% deposit and borrowed a loan at 3.3 times their income.
some bloody good news in months...
Shof
The property market has seen a decade-long boom come to a halt
Mortgage lending showed a slight rebound in April, according to the Council of Mortgage Lenders (CML).
Some 51,000 home loans for house purchase were granted in April, a rise of 5,000 from the previous month and the highest since December.
But the number was still 36% down compared to the same month in April 2007 owing to the credit crunch.
The average first-time buyer put down a 13% deposit and borrowed a loan at 3.3 times their income.
some bloody good news in months...
Shof
12 June 2008, 10:28 AM
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Course, the council of Mortgage Lenders don;t have a veste dinterest in talking up the situation do they 
I love the comment that the fall in property prices is soley caused by the credit crunch, too.
And the thing is, mortgage approvals does not necessarily mean new sales, nor is it being reflected in the average house price.
We haven't turned a corner.
I love the comment that the fall in property prices is soley caused by the credit crunch, too.
And the thing is, mortgage approvals does not necessarily mean new sales, nor is it being reflected in the average house price.
We haven't turned a corner.
12 June 2008, 10:33 AM
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No not yet, but you will be suprised by how buyers behaviour is dictated by the media.
At the moment there are people out there who have the money to buy but are not buying thinking that prices will drop further and they can pick up a bargain. The very same people will rush to the market once few positive reports are printed in the rugs. We haven't turned a corner but at least it is some positive news than the usual doom and gloom.
Shof
At the moment there are people out there who have the money to buy but are not buying thinking that prices will drop further and they can pick up a bargain. The very same people will rush to the market once few positive reports are printed in the rugs. We haven't turned a corner but at least it is some positive news than the usual doom and gloom.
Shof
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12 June 2008, 10:56 AM
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Ive been keeping a very close eye on this (well it is my job).
I'm not so sure that things are going to get MUCH worse.
It's true at the moment lenders are pulling their funding far too often, meaning less money to lend out, so those that are still lending are becoming increasingly picky!
BUT for the first time in months a lender launched a 95% product the other day, closely followed by a second and third lender.
Hoping this is a sign of things picking up, as I much prefer doing mortgages than the life insurance Im doing alot of at the moment. lol
Ash
I'm not so sure that things are going to get MUCH worse.
It's true at the moment lenders are pulling their funding far too often, meaning less money to lend out, so those that are still lending are becoming increasingly picky!
BUT for the first time in months a lender launched a 95% product the other day, closely followed by a second and third lender.
Hoping this is a sign of things picking up, as I much prefer doing mortgages than the life insurance Im doing alot of at the moment. lol
Ash
12 June 2008, 11:00 AM
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Ive been keeping a very close eye on this (well it is my job).
I'm not so sure that things are going to get MUCH worse.
It's true at the moment lenders are pulling their funding far too often, meaning less money to lend out, so those that are still lending are becoming increasingly picky!
BUT for the first time in months a lender launched a 95% product the other day, closely followed by a second and third lender.
Hoping this is a sign of things picking up, as I much prefer doing mortgages than the life insurance Im doing alot of at the moment. lol
Ash
I'm not so sure that things are going to get MUCH worse.
It's true at the moment lenders are pulling their funding far too often, meaning less money to lend out, so those that are still lending are becoming increasingly picky!
BUT for the first time in months a lender launched a 95% product the other day, closely followed by a second and third lender.
Hoping this is a sign of things picking up, as I much prefer doing mortgages than the life insurance Im doing alot of at the moment. lol
Ash
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