Mortgage lending figures increase to 26.1 billion for April 2008
Latest mortgage figures from the CML - The Council of Mortgage Lenders have statistics that discuss lending has increased for mortgages for April 2008. A reported 8 per cent rise increase over the previous month shows increase in lenders borrowing, however in comparison to figures for April 2007 this statistic is actually 5 per cent weaker.
Additional reporting by the Government further illustrates the weakness in the UK housing market despite the above increase. In recent months it has also been reported that there has been a considerable drop in first time buyers being approved for their mortgage application.
The Director for the Council, Michael Coogan said "The squeeze on mortgage funding has led many lenders to tighten their lending criteria. While tighter criteria make it more difficult for some borrowers to obtain a mortgage, they also reduce risk in a slower housing market.”
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