UK Mortgage Lending Up 16 Percent In April
The Council of Mortgage Lenders (CML) reported today that its members granted 16% more home loans in April than the previous month.
Before we get the bunting out and get too carried away, the number granted was still 28% below April 2008 levels. Total loans granted came to GBP4.5 billion, 40% less than a year ago.
The average loan made was for just 67% of the total value of the property being mortgaged, with cautious lenders only lending an average of 2.63 times the borrowers income.
Not a lot of cheer for first-time buyers in amongst that lot really. Still, on the current market some people will see this as bullish news for the pound.
Before we get the bunting out and get too carried away, the number granted was still 28% below April 2008 levels. Total loans granted came to GBP4.5 billion, 40% less than a year ago.
The average loan made was for just 67% of the total value of the property being mortgaged, with cautious lenders only lending an average of 2.63 times the borrowers income.
Not a lot of cheer for first-time buyers in amongst that lot really. Still, on the current market some people will see this as bullish news for the pound.