14
Apr
CML reveals house purchase mortgage rise
The number of mortgages for house purchases rose in February, the
Council of Mortgage lenders (CML) has stated.
Figures from the body indicated that the month saw 24,300 home
loans completed, up from the January tally of 23,400.
Commenting on the situation, CML director general Michael Coogan
gave a cautious assessment, but suggested there is reason for
optimism.
He stated: "We are not convinced that underlying trends have
shifted sufficiently to change our forecasts for mortgage market
activity in 2009, but there are some positive signs for later in
the year."
Another trend noted was a shift from tracker mortgages to
fixed-rate deals, with the latter accounting for 56 per cent of
deals in February compared to 49 per cent the previous month as
interest rates fell.
The news comes after Bank of England figures for house purchase
lending in February showed a 19 per cent rise.
During the month a total of 37,937 mortgages were agreed with an
aggregate value of £4.5 billion, compared with 31,791 in
January at £3.8 billion.
