Slight Improvement On The Mortgage Situation…
April 15, 2009
Though market activity remains low, mortgages given out increased slightly in February. The number of loans given in February rose by 4% from January.
First time buyers have to raise 25% deposits to get a mortgage though at least now there is some movement.
Council of Mortgage Lenders Director General Michael Coogan said:
“We are not convinced that underlying trends have shifted sufficiently to change our forecasts for mortgage market activity in 2009, but there are some positive signs for later in the year, some large banks are making more funding available through enhanced lending commitments, which is helpful but will not satisfy consumer borrowing demand on its own.”
Though there does seem to be a lift, the number of mortgages given has significantly decreased on passed years.
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