
Use our range of mortgage calculators to work out how much you could borrow.
Daily news 020309
Net mortgage lending in the UK fell 60% from December 2008 to January this year.
According to the Bank of England the figure, which strips out redemptions and repayments, plummeted from £1.79bn to £690m in that time.
That was the second lowest figure ever recorded and represents just half of the level analysts had predicted.
Mortgage lending has fallen from a peak of about £10 billion per month at the height of the market.
In January of 2008, net mortgage lending was 10 times higher than January this year - £6.91bn.
But the total number of approvals for home loans was largely stable at around 31,000 in January, the Bank said.
Data from Hometrack suggest the average price a property achieves is now 88% of its initial asking price, as househunters hold out for bargains in the expectation of further property price falls.
But Hometrack's figures also point to tentative green shoots of recovery, with new buyer registrations rising by 17% and agreed sales up by 36% in February, after falls in the previous few months.
The truth about house prices
We are constantly bombarded with, often conflicting, information regarding house prices. Paula John provides a round-up of the major indices, explaining why they differ.
The July/Aug issue of Your Mortgage is on sale now. In it we explain who now owns which UK banks and building societies; the ins and outs of interest-only mortgages, who they are appropriate for and the options for paying them off; we explain how offset mortgages work and how you could use one to make the most of your money, and why buying property overseas right now could be a smart move – if you look in the right place and arrange the right finance. Get your copy for the latest news, information and help.
The Your Mortgage Awards aim to reward those lenders that have excelled in providing innovative and competitive products. Widely regarded as the UK's definitive consumer mortgage awards, the Your Mortgage Awards have now been running for 20 years.





Login to add a comment
Need to register? Click Here