This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-11282287
The article has changed 4 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
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. |