Results tagged “Council of Mortgage Lenders”

By Steven Davies

Lower interest rates have prompted an industry body to rethink its prediction of the number of homes likely to be repossessed ths year.

Although the housing market remains in a precarious position, the Council of Mortgage Lenders believes the fall in rates combined with increased levels of tolerance from lenders and government intervention schemes has given a spark of hope to those facing reposession.

The AVERAGE homebuyer put down a 22 per cent deposit in June, up from 20 per cent in May, according to new figures from the Council of Mortgage Lenders.

The majority of lending continues to be on conservative terms, as lending criteria have tightened in response to the shortage of funding and current market conditions.