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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`

First-time buyers `find market tough`

12/09/2007

The number of home loans lent to first-time buyers dropped in July as unstable financial markets and rising house prices affected consumer confidence, according to new statistics.

Loans to first-time buyers decreased by seven per cent from June`s figures while the value of loans lent fell four per cent, to £4.4 billion. The Council of Mortgage Lenders (CML) found that first-time buyers were committing 19.7 per cent of their income to mortgage interest repayments.

However, general lending not accounted for by house purchase or remortgaging rose to its highest-ever level, £7.8 billion during the month. Loans for house purchases totalled £14.8 billion in July.

Michael Coogan, CML director general, said: "A slight fall in lending between June and July has emerged for the third year in a row, so of course we cannot read too much into a single month`s figures. But the long-anticipated slowdown in the housing and mortgage markets may now be beginning to materialise."

The CML currently has 163 members, covering 98 per cent of the mortgage industry.

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