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Mortgage lending decreases by 58 per cent in May


The Council of Mortgage Lenders (CML) have announced that gross mortgage lending was down 58 per cent during May 2009 and the figure is down from 2 percent in April 2009.

Paul Samter from the CML commented: "While recent signs from the housing market have been more encouraging, we do not anticipate a significant recovery in activity in the coming months."

He commented further: "Underneath the headline gross lending figure, it's likely that a moderate improvement in house purchase lending in May has been offset by very low remortgaging volumes as borrowers stay with existing deals."

The gross mortgage lending comprises of both remortgages and also property purchases.

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