UK mortgage market remains quiet, say lenders

Mortgage application form The mortgage market is generally quiet during the lead-up to Christmas

The quiet mortgage market continued in November with the number of loans advanced to people buying a home unchanged, an industry group has said.

Detailed data from the Council of Mortgage Lenders (CML) confirmed the market's relatively stagnant nature.

There were 44,000 loans provided for house purchases - the same as the previous month.

This was down 15% on November 2009 when some buyers were trying to beat the end of the stamp duty holiday.

The report also showed a 4% rise in the number of people remortgaging during November, with 26,000 loans advanced to people switching deals, although this was still 12% down on a year earlier.

And there was a slight rise in the number of first-time buyers entering the market, although this was also well down on a year earlier, with those getting onto the property ladder paying an average of a 20% deposit.

"It is encouraging to see credit criteria becoming a little more liberal for first-time buyers," said Michael Coogan, director general of the CML.

"But the funding and capital constraints on lenders will continue to exert a dampening effect on lending, and criteria are unlikely to loosen substantially."

More on This Story

From other news sites

* May require registration or subscription

The BBC is not responsible for the content of external Internet sites

More Business stories

RSS

Features

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.