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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 falls in August

19/09/2008

Mortgage borrowing among UK homeowners declined again in August, it has been revealed.

Figures produced by the Council of Mortgage Lenders (CML) show that £21,800 million was lent over the 31-day period.

This represents a fall from the £24,704 million borrowed in July and a significant dip from the £33,999 million mortgage borrowing which occurred in August 2007.

According to the CML, the statistics for last month are the lowest since April 2005.

"These figures reflect the heightened uncertainty for both lenders and consumers in the mortgage market at present," stated CML director-general Michael Coogan.

He added that consumers are nervous because they cannot predict how much longer house prices will continue to decline, while lenders are concerned about future sources of funding and about the cost of such funding.

Figures released earlier this week by Communities and Local Government indicated that UK house prices fell by 0.3 per cent in July compared to the same month in 2007.

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