CML urges BoE to increase wholesale funding

Posted: 07 Jul 2008 18:21:33 GMT

The Council of Mortgage Lenders (CML) has today called for an increase in the supply of funding for the mortgage market.

The Council of Mortgage Lenders (CML) has today called for an increase in the supply of funding for the mortgage market.

Responding to the Bank of England's credit conditions survey, the CML has said that increasing funding will bring consumers back to the housing market.

Boosting mortgage availability and improving mortgage rates would give consumers confidence and encourage buyers to come back, the CML argued.

Michael Coogan, CML director general, commented: "Cost and availability to customers has not improved. And this in turn means that consumers are now beginning to give up and demand is falling, with confidence in the housing market falling with it."

He continued: "It is not too late to take steps to address the fundamental problem, which is the lack of funding available through wholesale mortgage funding channels."

Mr Coogan went on to urge the chancellor to "implement the necessary policies to achieve this objective".

According to CML figures, there are currently 11.8 million mortgages in the UK, with loans worth over £1.2 trillion.

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