Mortgage Lending Consistent for July
September 11, 2008 by Brendan O'Neill
News
Yesterday’s article discussed how experts believe the news from the US about the two main mortgage lenders will start a slow end to the credit crunch.
Figures have now been released showing the number of mortgages approved for July and they have steadied from June, although naturally are still much lower than this time last year. This will spell good news for estate agents, mortgage lenders and those looking at CeMAP training as it looks likely that things will begin to improve.
The Council of Mortgage Lenders (CML) stated that 47,000 mortgages were given to homebuyers for July, much the same as June’s figures.
It now remains to see what the rest of the year will spell for the mortgage market. It is likely that we will still feel the effects of the credit crunch into 2010, however, hopefully both mortgage lenders and borrowers will have learned from their mistakes and only lend and borrow what is affordable.
Written by
Brendan O'Neill
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