UK Mortgage Lending Falls Dramatically in November

According to new data revealed by the British Bankers' Association last week, net mortgage lending in Great Britain hit 10 year low in November 2010.

In the opinion of experts, the gloomy trend is due to 2 factors. The first one is low demand from buyers, which, however, is not surprising at this time of the year. The second reason is strict lending criteria.

Commenting on the findings of the BBA, Mr. Archer of IHS Global Insight, said that "the housing market ending 2010 very much on the back foot, where we expect it will remain for much of 2011." He highlighted that housing activity will remain low in the near future because of the bad weather.

Other data revealed in the British Bankers’ Association survey suggest that while mortgage approvals fell to below 30,000, gross mortgage lending improved slightly from October 2010 due to remortgages.

You can use online comparison tools to find an attractive mortgage or remortgage deal from UK lenders if you are looking for one.