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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

Mortgage lending hits 33-year low

15/05/2008

Mortgage lending to prospective home buyers has hit its lowest level since 1975, new figures have revealed.

According to statistics from the Council of Mortgage Lenders (CML), the number of loans taken out for house purchase dropped to 47,000 during March - down 48 per cent from the 89,000 taken out in March 2007.

Meanwhile, the total number of loans taken out for the first three months of 2008 totalled 142,000 - the lowest quarterly total since the first three months of 1975.

However, the CML predicted lending would fall even further during 2008 as the banking system reels from the credit crunch.

CML director general Michael Coogan said: "House purchase transaction volumes will continue to deteriorate in the coming months as recent approvals data from the Bank of England has shown."

Last month, figures from the CML showed gross lending in the financial sector increased by five per cent on February`s figures.

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