CML Reports a Dramatic Fall In Mortgage Lending
The latest figures published by the Council of Mortgage Lenders (CML) on Monday, September 20th suggest that the number of mortgages given out by British banks in August 2010 has hit the 10-year low.
As such, the overall amount of money given out as mortgages totaled to £11.4 billion, which compares to £13.3 billion and £12.1 billion in July 2010 and August 2009 accordingly.
The CML report is expected to be confirmed by the British Bankers' Association, which is to issue its own statistics later this week. The organisation will announce that the number of approved mortgages in the UK fell in August 2010, which is partly due to low consumer confidence and decreased interest in remortgages.
These are not the only reasons for the drop, says Ricky Kugawa of Mortgages Direct. He is determined that large deposits and perfect credit histories that are required by British lenders make millions of Brits ineligible for mortgage and remortgage financing.
He is determined that restricted mortgage availability leaves a lot of people out of the market and unable to purchase a property of their own.