22
Jan
Increase in lending figures 'shows there are good mortgage deals on
offer'
The recent increase in lending figures demonstrates that there is
more competition in the mortgage market, one expert has
stated.
Paula John, editor of Your Mortgage, commented that although
lending figures have fallen significantly since 2008, the recent
upturn is good news.
"The latest increase in lending reflects good deals and there are
more competitive deals in the market at the moment," she
said.
Ms John pointed out that there are also a greater number of
financial institutions offering high loan-to-value (LTV) products,
with some reaching an LTV of 80 per cent or higher.
On January 21st, the Council of Mortgage Lenders (CML) reported
that gross mortgage lending increased in December 2009 by 14 per
cent compared with November and was also up by three per cent
year-on-year.
However, the CML revealed that lending on properties for 2009 fell
to £143.7 billion, a 43 per cent drop compared with 2008 and
the lowest annual total in nearly ten years.