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News Tag: Council of Mortgage Lenders

December 20, 2012

Housing market recovery to continue next year

by Jan Harris
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Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on as home loans and loans to small businesses. House sales are increasing ...




December 12, 2012

Large deposits still challenging first-time buyers

by Jan Harris
Large deposits still challenging time buyers
The Council of Mortgage Lenders (CML) is forecasting a positive year in 2013 for the UK property market, but first-time buyers are still struggling to find the large deposits required by mortgage lenders. The CML has recorded a steady increase in mortgage lending with 49,500 home loans advanced for house purchases in October. This represents a rise of 13.8% from September, a slower ...




November 12, 2012

CML reports increase in mortgage lending

by Jan Harris
CML reports increase in mortgage lending
Mortgage lending increased by 13 per cent in the third quarter according to the latest figures from the Council of Mortgage Lenders, suggesting that the Funding for Lending (FLS) scheme is having a positive effect. August was a particularly strong month, with 53,900 loans advanced, including 20,700 loans to first-time buyers. The strong August figures were followed by a slump in ...




November 8, 2012

Housing minister calls for more self-build mortgages

by Jan Harris
Housing minister calls for more self-build mortgages
Speaking at a conference organised by the Council of Mortgage Lenders, Housing Minister Mark Prisk encouraged lenders to make it easier for people to build their own homes. He said that an increase in self-built homes could boost the UK housing market and should not be considered as a "pie in the sky dream". In the UK just 10 per ...




October 30, 2012

100,000 mortgage holders escape negative equity trap

by Jan Harris
100,000 mortgage holders escape negative equity trap
New figures from the Council of Mortgage Lenders (CML) reveal that the number of borrowers in negative equity fell 13 per cent to 719,000 between the first quarter of 2011 and the first quarter of 2012. The number of borrowers paying a mortgage greater than the value of their property fell despite a further small decline in house prices. Although property ...




June 14, 2012

80% aspire to own their home

by Jan Harris
80% aspire to own their home
Although house sales have plummeted in the past five years, most people still hope to own their own home in the future. Eight out of 10 people surveyed by the Council of Mortgage Lenders (CML) said they hoped to own their own home by 2022, while three quarters said they hoped to achieve this ambition within two years. Home ownership has moved out ...




May 21, 2012

FSCS reassures Santander customers

by Jan Harris
FSCS reassures Santander customers
The Financial Services Compensation Scheme (FSCS) will protect depositors in Santander, the scheme’s chief executive, Mark Neale, said. Deposits up to the value of £85,000 are protected by the scheme and savers with more than this amount should distribute the money across different banks and building societies, to ensure that the total amount is protected. Mr Neale was speaking to reassure investors that ...




April 16, 2012

Mortgage lending 4% higher in February

by Jan Harris
Mortgage lending 4% higher in February
Mortgage lending increased by 4 per cent in February, compared with the previous month, according to the latest figures from the Council of Mortgage Lenders (CML). The number of loans made for house purchase increased to 36,600, representing a year-on-year rise of 17 per cent. There was also growth in the number of first-time buyer mortgages, with 14,100 loans made to this ...




March 20, 2012

Nationwide restricts interest-only mortgages

by Jan Harris
Nationwide restricts interest-only mortgages
The Nationwide Building Society has become the latest lender to tighten lending criteria on interest-only mortgages, which are estimated to account for around 40 per cent of mortgages in Britain. The building society currently offers interest-only mortgages to residential customers with 25 per cent equity in their property. From tomorrow, only customers with 50 per cent equity will be eligible for this type of ...




February 13, 2012

Offset mortgages recommended to first time buyers

by Jan Harris
Offset mortgages recommended to first time buyers
Paula John, the editor-in-chief of Your Mortgage magazine, has advised first-time-buyers to consider paying for their home through an offset mortgage. Offset mortgages are “the way forward” she said, suggesting they are “the most tax-efficient way of using any excess income". However offset mortgages are only suitable for potential house buyers who have a significant amount of savings, as they ...




February 9, 2012

Home repossessions lowest for four years

by Jan Harris
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders' forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, with unemployment in the UK reaching 8.4% in ...




January 25, 2012

Property market remained stagnant in 2011

by Jan Harris
Property market remained stagnant in 2011
House sales fell 1 per cent in 2011, with just 869,000 residential properties sold, according to HM Revenue and Customs (HMRC). In January 2011, traditionally the weakest month for property transactions, just 45,000 houses were sold. However, the market did improve at the end of the year, with 76,000 sold in December. The property market has been in a slump for ...




December 15, 2011

CML warns house repossessions will rise

by Jan Harris
CML warns house repossessions will rise
The Council of Mortgage Lenders (CML) expects the number of house repossessions to increase by 21.6 per cent from 37,000 this year to 45,000 in 2012 due to an increase in unemployment and falling household incomes. The CML also expects housing transactions to fall next year, with 825,000 homes expected to be sold compared with an estimated 852,000 this year. This ...




November 14, 2011

Outlook for mortgage market uncertain

by Jan Harris
Outlook for mortgage market uncertain
Although the mortgage market is currently stable, the outlook remains uncertain in the face of the eurozone crisis. The Council of Mortgage Lenders (CML) has reported that 48,200 mortgages were taken out to buy homes in September, two per cent less than in the previous month. However there was a 3 per cent improvement in the number of mortgages approved for ...




November 10, 2011

Mixed news on home repossessions

by Jan Harris
Mixed news on home repossessions
The number of property repossessions increased slightly to 9,200 in the third quarter from 9,100 in the second quarter. However, the Council of Mortgage Lenders (CML) expects the total number of UK homes repossessed this year to be less than feared. The organisation believes that a number of factors are helping to minimise home repossessions including low interest rates, the provision of debt ...




October 11, 2011

CML: Mortgage lending increases in August

by Kay Mitchell
”CML:
The Council of Mortgage Lenders (CML) has today reported the number of loans for house purchase rose in August. According to the Council, there were 52,000 loans advanced for house purchase (worth £7.9 billion) in the month – up from 48,700 (£7.2 billion) in July. The Council described today’s figures as "welcome signs of life" as the mortgage market has been struggling since ...




September 20, 2011

CML: Mortgage lending higher in August

by Kay Mitchell
”CML:
The Council of Mortgage Lenders (CML), which represents lenders who offer around 94% of all residential mortgage lending in the UK, has today reported UK mortgage lending grew in August. According to the Council, lending was 6% higher in August on a monthly basis, attributed to seasonal factors. The figures come after July saw a slump of 6% in mortgage lending compared ...




September 13, 2011

CML: Mortgage lending edges higher in July

by Kay Mitchell
”CML:
The Council of Mortgage Lenders (CML) has reported the number of loans for house purchase rose in July. According to the Council, there were 48,400 loans advanced for house purchase in the month – up by 1,000 from June’s figure but almost 7,000 lower when compared with July 2010. Commenting on today’s figures, Paul Smee, director-general of the CML, said: “August saw ...




August 11, 2011

CML reports drop in repossessions in Q2

by Kay Mitchell
”CML
The Council of Mortgage Lenders (CML) has today reported a fall in home repossessions. According to the Council, lenders seized 9,000 properties in the April to June period – 100 less when compared with the first three months of the year. Meanwhile, there were 18,100 repossessions in the first half of 2011, compared with compared with 19,500 in the first ...




August 10, 2011

CML: Mortgage lending up in June

by Kay Mitchell
”CML:
The Council of Mortgage Lenders (CML) has today reported the number of loans for house purchase rose in June. According to the Council, there were 46,700 loans advanced for house purchase in the month – a rise of 22% compared with the previous month but 11% lower on an annual basis. However, despite the annual fall, the CML said it was encouraged by ...