29 Dec

Mortgage lending could be "considerably higher" in 2010

Mortgage lending could be "considerably higher" in 2010

Mortgage lending could be substantially higher in the coming year according to an industry source.

Katie Tucker, technical manager at mortgageforce, made her remarks following the publication of November house purchase figures by the British Bankers' Association (BBA), which were 152.3 per cent up on 2008 and 0.4 per cent higher than the same month in 2007.

She pointed out that these statistics are "very encouraging", particularly being so close to 2007 levels of mortgage lending, although there is a barrier to reaching this peak of activity.

In her view, the loss of sub-prime and self-cert products means that specialist lending is down, which could stop the housing market reaching the its previous heights, but otherwise the sector is strong.

Ms Tucker explained: "Lenders have got very strong targets for mortgage lending next year, so we can expect the figures to be considerably higher next year as well."

The report by the BBA indicated that the value of house purchase loans in November reached £6.6 billion.ADNFCR-1222-ID-19532662-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.