CML: Mortgage lending is likely to stay subdued

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CML: Mortgage lending is likely to stay subdued

The Council of Mortgage Lenders (CML) has said that it expects to see mortgage lending remaining subdued for some time, despite encouraging survey results.

Paul Samter, economist at the CML, made his comments following the release of the July survey, which showed that the number of house purchase loans is up by 19 per cent from the same period last year.

He noted that the mortgage market is at an apparent turning point considering the level of house purchase loans, but that lenders are still not able to increase how much they give out so the sector will not see a full recovery yet.

"The overall lending picture is likely to stay relatively subdued for some time, especially as the wider economy is far from robust as yet," he added.

In the survey, it was also indicated that there were 20,400 first-time buyer loans in July, which is up 18 per cent from the June survey.

A spokesperson for the CML recently claimed that mortgage choice is beginning to widen as lenders attempt to meet consumer demand, but that funding is still a problem for many lenders.

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