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Bank lending in mortgage market 'has improved'

An expert has said bank lending in the mortgage market has improved.

Author: Sam Gooch
Date: Sep 14, 2010 - 10:52:50 AM


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An expert has said bank lending in the mortgage market has improved.

Bank lending terms for mortgages and home credit packages have improved significantly over the previous few months, an expert has said.

According to Stuart Law, chief executive officer of Assetz, the main improvements in the lending market have been seen on homebuyer mortgage options, which may suggest that products such as tracker mortgage deals are becoming more and more popular again following the global economic downturn.

Mr Law was speaking after the publication of data from the Council of Mortgage Lenders (CML), which stated recently (August 19th) that gross lending for home credit packages in the UK was up five per cent from £12.9 billion in June to £13.6 billion one month later.

This, the CML concluded, means that the market as a whole is likely to meet its targeted figure of £140 billion worth of loans throughout the duration of 2010.

Mr Law commented: "We saw that the loan-to-values continued to improve and the loan interest rates continued to improve. The jump that the CML has reported in lending was quite substantial and it is the first proper set of data since the election."

He went on to say that any previous data released was too close to the May 6th election and was therefore probably not a true and accurate reflection of exactly what was going on in the country's mortgage sector.

"What we are seeing is a continued [and] moderate firming up in the market," Mr Law added.

Meanwhile, a recent report conducted by Zoopla.co.uk stated that around one third - 32 per cent - of all properties on the market for sale in Britain today have had their asking price reduced at least once since they were first listed.

Also, there has been an average price drop of 6.1 per cent for all residential properties that have been discounted.

UK Price Comparison website http://www.which4u.co.uk Compares Credit Cards, Savings Accounts, Fixed Rate Bonds, Bank Accounts, ISAs, Loans, Mortgages, Insurance, TV & Broadband and Gas/Electric bills to find the best UK deals



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