Mortgage figures to fall?

Posted: 14 Sep 2010 09:45:47 GMT

Mortgage figures will drop before a rebound in the next few months, one specialist has indicated.

Chief operating officer at Alexander Hall Andy Pratt said judging from the feedback he has received, applications in August were worse than seasonally-adjusted predictions.

"I think it will start to ease a little bit, but it is not going to be enough to bring loads of first-time buyers into the market," he added.

Mr Pratt noted the market probably reached the lowest point in August and lenders are fully aware of what is happening, which could mean products come through with limited charges of cash at a higher-loan-to-value.

The specialist's comments follow the release of figures from the Council of Mortgage Lenders, which revealed demand for mortgages in July was weak.

There were 56,000 loans for property purchase advanced in the month, up from 52,000 in June.

Furthermore, loans to first-time-buyers dropped from 19,700 in June to 19,400.
 

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