Mortgage terms 'improving'

Posted: 23 Aug 2010 10:38:23 GMT

Mortgage rates are getting more "reasonable" and this is being reflected in a "firming up" of the property market, an expert has said.

Chief executive of property investment firm Assetz Stuart Law said the most recent mortgage lending figures from the Council of Mortgage Lenders (CML) show that a trend predating the general election for the market to grow is continuing.

"We saw that the loan-to-values continued to improve and loan interest rates continued to improve," he noted.

This is leading to a rise in lending and this is particularly true of house purchases but also buy-to-let, Mr Law commented.

Figures produced by the CML last week for July showed that gross mortgage lending reached £13.6 billion during the month, compared with £12.9 billion in June.

CML figures for the year to date show April has been the only occasion so far in 2010 when the month-on-month total of lending has declined.
 

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