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Mortgage lending 'remains tight' Mortgage lending 'remains tight'
(40 minutes later)
Lending on home loans continues to be squeezed despite a slight rise in new mortgage lending in July, lenders say.Lending on home loans continues to be squeezed despite a slight rise in new mortgage lending in July, lenders say.
The number of mortgages advanced to house buyers increased to 56,000 in July, up 7% on the previous month, the Council of Mortgage Lenders (CML) said.The number of mortgages advanced to house buyers increased to 56,000 in July, up 7% on the previous month, the Council of Mortgage Lenders (CML) said.
This was also 6% up on the same month a year ago.This was also 6% up on the same month a year ago.
But the group said that although there had been a seasonal uplift, the market remained "very weak" with loan criteria having tightened.But the group said that although there had been a seasonal uplift, the market remained "very weak" with loan criteria having tightened.
"Lending criteria remain tight, underpinned by caution on the part of both borrowers and lenders in the light of continuing economic uncertainty," said CML economist Paul Samter."Lending criteria remain tight, underpinned by caution on the part of both borrowers and lenders in the light of continuing economic uncertainty," said CML economist Paul Samter.
First time buyers are still struggling to raise the necessary money to take out a mortgage.
They had to put down an average deposit of 24% in July, a position that has changed little since the start of 2009.
The proportion of new mortgages taken by first-time buyers fell to just 34% of all loans granted to home buyers.
That was down from 38% in June and the smallest percentage since the middle of 2007, just before the onset of the credit crunch and the international banking crisis.