Mortgages Uncovered

Once again during mid December, we saw the value of mortgages that were being taken in the UK once again fall say recent statistics.

The Council of Mortgage Lenders otherwise known as the CML, reported the new statistics from data that they are recorded in November when they recorded that gross lending was slipping and has reached £14.6 billion in November 2008 which actually represented a staggering 22% drop from the previous month of October.

The figures also showed that in comparison to the previous 12 months home loan borrowing statistics there had been a huge drop of 50% which truly showed the picture of the disastrous state of the British Housing Market.

Michael Coogan who is the director general at The Council of Mortgage Lenders said next years’ mortgage market would be getting even more depressing and it was predicted that the amount of net lending would turn negative.

He also said that those issues with regard to repayments and mortgage arrears are more likely to get worse with unemployment rising whilst lenders and the government continue to attempt to breathe some life back into the economy.

The Building Societies Association also ran a recent survey which reveals that 46% of most people see this as the best time to purchase a new home.