Mortgage Lending Falls in October – CML

On December, 10th, the Council of Mortgage Lenders published a new report, which suggests that mortgage lending significantly fell in October 2010.

This fact explained why the number of mortgages for house purchases and remortgages decreased towards the end of the year.

As such, the decline in October amounted to 4% compared to September 2010 and 16% compared to the same time last year. As for remortgages, they experienced a more significant fall of 9% and 21% from September 2010 and October 2009 respectively.

Commenting on the gloomy market trend, Mr. Coogan of the Council of Mortgage Lenders said that "consumer confidence has also been affected by October's spending review, despite the relative affordability of monthly mortgage payments, and so a stable but small lending market will continue for some time to come."

If you are looking for a mortgage to buy a property of your own, you still can use online comparison sources to browse the deals available from UK lenders and choose the one that matches your requirements.