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Mortgage lending falls
Wed, 12 Mar 2008
On going financial turmoil is having a clear impact on the mortgage market, it has been claimed.

Data released by the Council of Mortgage Lenders shows that the number of home loans used to buy a new property fell to 50,300 in January from 62,000.

The value of new mortgages taken out fell from £9.4 billion in the last month of 2007, to £7.8 billion in January.

According Michael Coogan, director general of the Council of Mortgage Lenders, these figures reflect the ongoing impact of the credit crunch.

"The wholesale funding markets remain largely closed and mortgage funding still remains constrained. This is now having a discernible impact on lending criteria and the ability of first time buyers to get into the housing market ."

On Monday, the Association of Mortgage Intermediaries called for the government to produce a budget aimed at boosting the mortgage market.

It suggested the government should increase the threshold for stamp duty as this will help first time buyers.

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