Tag: Council of Mortgage Lenders

Housing market recovery to continue next year

Housing market recovery to continue next year

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 […]

December 20, 2012 More
Large deposits still challenging first-time buyers

Large deposits still challenging first-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 […]

December 12, 2012 More
CML reports increase in mortgage lending

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 […]

November 12, 2012 More
Housing minister calls for more self-build mortgages

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 […]

November 8, 2012 More
100,000 mortgage holders escape negative equity trap

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 […]

October 30, 2012 More
80% aspire to own their home

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 […]

June 14, 2012 More
FSCS reassures Santander customers

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. […]

May 21, 2012 More
Mortgage lending 4% higher in February

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 […]

April 16, 2012 More
Nationwide restricts interest-only mortgages

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 […]

March 20, 2012 More
Offset mortgages recommended to first time buyers

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 […]

February 13, 2012 More
Home repossessions lowest for four years

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, […]

February 9, 2012 More
Property market remained stagnant in 2011

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 […]

January 25, 2012 More
CML warns house repossessions will rise

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 […]

December 15, 2011 More
Outlook for mortgage market uncertain

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 […]

November 14, 2011 More
Mixed news on home repossessions

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 […]

November 10, 2011 More
CML: Mortgage lending increases in August

CML: Mortgage lending increases in August

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” […]

October 11, 2011 More
CML: Mortgage lending higher in August

CML: Mortgage lending higher in August

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 […]

September 20, 2011 More
CML: Mortgage lending edges higher in July

CML: Mortgage lending edges higher in July

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, […]

September 13, 2011 More
CML reports drop in repossessions in Q2

CML reports drop in repossessions in Q2

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 […]

August 11, 2011 More
CML: Mortgage lending up in June

CML: Mortgage lending up in June

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 […]

August 10, 2011 More