CML reveals latest news on mortgages

Posted: 15 May 2009 10:49:11 GMT

Mortgage lending for home purchasing made up the highest proportion of all lending since December 2007 in March.

According to the Council of Mortgage Lenders (CML), lending for buying a home accounted for 35 per cent of the overall activity throughout the month.

With the figure up four per cent on the previous month, it would appear there is an element of buyer confidence returning to the property market.

Head of research at the CML Bob Pannell said there is a "sharp line" between people who can get hold of money for deposits for mortgages and those who cannot.

But for those who can afford to get a home loan, there is "good news".

"For those who can, the burden of debt payments is low and mortgage interest is consuming proportionately less income than for a number of years," Mr Pannell explained.

Those with tracker mortgages may also be benefitting from the interest rates of 0.5 per cent - the lowest in history.


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