Mortgage lending continues to suffer, figures show
Difficulties in obtaining a mortgage continue, new data has indicated.
Figures from the Council of Mortgage Lenders (CML) have revealed that gross mortgage lending dropped by 15 per cent in February, compared to the previous month.
And with the level dipping below £10 billion, the body noted that a decline of 60 per cent has been seen over the last year.
Michael Coogan, director general of the CML, suggested that banks and building societies are suffering as a result of a lack of savings, with people choosing to use government schemes to deposit their money instead.
"Until funding improves, the capacity of lenders to lend will remain constrained," he said.
Those looking for somewhere to live in London may prefer to rent as a result, in order to avoid problems in obtaining funding.
Meanwhile, a survey by campaign group Which? has revealed that 4.2 million people are worried about the prospect of going into negative equity over the next 12 months.
Published 20th March, 2009
© 2009 Estates IT Limited
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Difficulties in obtaining a mortgage continue, new data has indicated.