Mortgage markets conditions 'are steady'
Although gross mortgage lending registered a ten per cent fall in
November, according to the latest Council of Mortgage Lender (CML)
figures, the organisation remained upbeat and described conditions
in the market as "steady".
It stated that a "modest seasonal decline" between October and
November is usual and predicted that the market will change little
over the coming months.
CML economist Paul Samter commented that while there will not be a
quick recovery in mortgage lending, the sector is displaying some
"There has been a modest increase in the availability of mortgage
credit recently, including some tentative signs of a few higher
loan-to-value products emerging," he said.
Earlier in December, the CML stated that borrowers are favouring
standard variable rate and tracker mortgages over fixed-rate
products due to the low-interest environment in the financial
Figures released by the Financial Services Authority revealed that
the number of households with mortgage arrears of more than 1.5 per
cent of the balance had decreased slightly in the third quarter of
2009, compared with the previous three months.