CML: Demand for secured lending steady

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CML: Demand for secured lending steady

Despite some volatility in the market, the demand for secured lending has remained fairly steady, according to the Council of Mortgage Lenders (CML).

Responding to the recent Bank of England credit conditions survey, the CML commented that overly pessimistic predictions about the default rate on secured loans have not come true.

However, it also pointed out that when money has been lost, the amount has been higher than was anticipated as well.

The council stated that the research emphasises the CML's predictions about a slowdown in the lending market during 2008.

Bob Pannell, CML head of research, remarked that the survey confirms "other evidence of worsening market sentiment".

He suggested: "Borrowers should make a New Year resolution to review their finances and plan ahead if they are coming off fixed rate deals later this year."

In October, the CML predicted house prices would rise by one per cent in 2008.
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