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Gross lending falls

Gross lending falls

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Gross lending has fallen over the past month, new figures have suggested.

According to the Council of Mortgage Lenders (CML), lending in the UK fell seven per cent to £24 billion in February.

This figure was also six per cent less than the gross lending recorded in February 2007.

CML director general Michael Coogan stated that the credit crunch has changed market conditions and the availability of credit.

"Demand for mortgages remains strong but cannot be fully met from existing funding. This has led many lenders to reduce their product ranges, increase their mortgage prices and, in some cases, to reduce their lending capacity," he said.

Lenders will continue to adapt their mortgage products to reflect the changing market conditions.

In other news today, Sue Anderson, spokesperson for the CML, suggested that borrowers have a greater appetite for tracker mortgages as they expect interest rates to fall further throughout the course of the year.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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