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Mortgages 50 per cent down from a year ago


The Council of Mortgage Lenders has announced that the number of completed mortgages fell by 50 per cent in January 2009 than a year ago.

The overall mortgage figure for home buying was 23,400 in January 2009, a decrease of 32,400 in December 2008 and 48,600 in January 2008. Re-mortgaging also fell by half to 44,000.

The director general of the Council of Mortgage Lenders, Mr Coogan said that the mortgage market has been limited by the departure of many exceptional and foreign mortgage lenders.

Coogan commented further by saying: "Government schemes to restore the flow of funds are primarily focused on a few large banks and recent lending commitments by a few lenders cannot fill the gap overnight although we hope to see more funds flowing into mortgage activity later in the year."

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