UK Money News
19th June 2008
Mortgage lending down in May
Gross mortgage lending fell during May, as sentiment among lenders and homebuyers continued to slump.
According to new figures from the Council of Mortgage Lenders (CML), the total sum lent by mortgage providers during the month stood at £25.2 billion.
This represents a downturn of two per cent from April - and is also a decline of 19 per cent from the same month last year.
Michael Coogan, director general of the CML, said: "The re-mortgage market remains on track to meet our forecast for growth this year, demonstrating the resilience of the market despite recent bad news.
"The next few months will remain very weak for house purchase activity for the funding reasons which are now well rehearsed."
He added: "We still await first signs of the Bank of England's special liquidity scheme indirectly helping to ease the current logjam."
The Bank of England has pledged £50 billion to the banking sector in loans traded for mortgage assets.
This figure is now expected to rise to £90 billion as conditions continue to worsen.
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