Property Mole » Council of Mortgage Lenders

CML: mortgage funding prospects “uncertain”

Gill Montia — Mon, 23 Jan 2012 11:04:53 +0000

Gross mortgage lending in December stood at an estimated £11.7 billion, according to the Council of Mortgage Lenders (CML). The total falls 12% short of the £13.2 billion recorded in November but is up 12% year-on-year. In fact, December was the fifth month in a row to show annual growth in mortgage lending, with 2011′s [...]

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November mortgage lending revival

Gill Montia — Mon, 16 Jan 2012 10:47:09 +0000

Mortgage lending rose in November, for only the second time in 2011. According to the Council of Mortgage Lenders (CML), loans for house purchases totalled 47,000 with the figure up 4% on a month earlier and 3% on a year earlier. First-time buyers took out 17,300 home loans, up 4% on both October 2011 and [...]

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November mortgage lending revival

Gill Montia — Mon, 16 Jan 2012 10:47:09 +0000

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CML 2012 housing market forecast

Gill Montia — Fri, 16 Dec 2011 08:17:09 +0000

The Council of Mortgage Lenders (CML) expects gross mortgage lending to total around £133 billion in 2012 and net lending (gross lending with repayments and redemptions stripped out) to amount to only £5 billion. The figures compare with estimates of £138 billion for gross lending and £9 billion for net lending for 2011 as a [...]

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First time buyer number shrink

Gill Montia — Fri, 09 Dec 2011 14:36:44 +0000

Low interest rates have helped make today’s first-time buyer mortgages the most affordable for nearly eight years, according to the Council of Mortgage Lenders (CML), with monthly interest payments now typically consuming only 12.3% of first-time buyer income. However, in October those new to home ownership took out just 16,400 loans, or 1% fewer than [...]

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Mortgage support payment changes alarm lenders

Gill Montia — Wed, 07 Dec 2011 15:48:36 +0000

Government proposals to change the way in which Support for Mortgage Interest (SMI) operates have alarmed the Council of Mortgage Lenders (CML)and make uncomfortable reading for those receiving the support. SMI helps people who would either have to sell their home or have it repossessed as a result of losing some or all of their [...]

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Mortgage lending slips

Gill Montia — Sat, 12 Nov 2011 09:01:39 +0000

Loans for both house purchase and remortgage fell slightly in September, compared with August, according to the Council of Mortgage Lenders (CML). 48,200 mortgages were advanced for house purchase, worth £7.1 billion, down 2% by number and 5% by value compared to a month earlier, but up 3% year-on-year, by both number and value. There [...]

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Sharp rise in buy-to-let lending

Gill Montia — Fri, 11 Nov 2011 07:20:27 +0000

The number of new buy-to-let loans increased by 16% in the third quarter of 2011, according to data from the Council of Mortgage Lenders (CML). In the three months to September, 34,500 landlord loans were advanced, up from 29,700 in the preceding quarter. Over the period, the value of mortgages increased by 19% as the [...]

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Repossessions nudge up

Gill Montia — Thu, 10 Nov 2011 13:00:53 +0000

Repossessions have nudged up slightly, with 9,200 homes taken back by mortgage lenders in the three months to the end of September, compared with 9,100 in the previous quarter. However, 27,500 properties have been taken into possession so far this year, with the figure down 4% on the equivalent period of 2010, according to the [...]

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Repossessions nudge up

Gill Montia — Thu, 10 Nov 2011 13:00:53 +0000

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Standard variable rates save £2,600 a year

Gill Montia — Thu, 20 Oct 2011 15:10:33 +0000

Around 1.8 million borrowers whose fixed-rate mortgages have come to an end are currently saving approximately £2,600 a year each, through having reverted to their lenders’ standard variable rates. According to new research from the Council of Mortgage Lenders (CML), many seem to be happy to adopt a “wait and see” attitude when it comes [...]

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August mortgage lending lift

Gill Montia — Wed, 12 Oct 2011 06:24:48 +0000

Homeowners continued to warm up to remortgaging in August, with data from the Council of Mortgage Lenders (CML) showing 34,100 loans taken out worth £4.2 billion. Compared with a year earlier both volume and value were up 30%. House purchase lending also rose, with 52,000 loans advanced (worth £7.9 billion), up from 51,000 (worth £7.7 [...]

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Mortgage lending subdued but stable

Gill Montia — Wed, 21 Sep 2011 09:53:26 +0000

Gross mortgage lending came in at around £13.4 billion in August, up 6% on July and having risen 10% compared with a year earlier. According to the Council of Mortgage Lenders, the monthly total is at its highest for over two years and marks the best result for August since 2008. However, the Council’s chief [...]

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Mortgage lending loses ground

Gill Montia — Tue, 13 Sep 2011 07:44:01 +0000

The Council of Mortgage Lenders (CML) has produced another lackluster set of figures, this time illustrating the extent to which the UK housing market lost ground in the year to end-July. Compared with June, lending for house purchase rose by both volume and value in July, to 48,800 and £7.3 billion respectively, but both figures [...]

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Mortgage fraudsters beware of verification scheme

Gill Montia — Fri, 02 Sep 2011 07:03:08 +0000

Mortgage applicants temped to enhance their earnings to increase their chances of getting a home loan should be aware that lenders have joined forces with HM Revenue & Customer in an attempt to stamp out mortgage application fraud. The move also gives HMRC the opportunity to assess whether a mortgage applicant’s tax affairs are likely [...]

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Scottish housing market manages seasonal spurt

Gill Montia — Thu, 25 Aug 2011 15:16:48 +0000

House purchase lending in Scotland rose by more than the UK as a whole in the second quarter of 2011, according to new data from the Council of Mortgage Lenders (CML). Scottish home buyers secured 11,300 loans worth £1.3 billion, with the figures up 36% and 42% respectively, compared with the first three months of [...]

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Repossession set to rise through 2012

Gill Montia — Thu, 02 Jun 2011 06:12:33 +0000

The Council of Mortgage Lenders (CML) has published forecasts for the UK mortgage and housing market, in which it predicts that arrears and repossessions are set to rise during the remainder of 2011 and throughout 2012. The lenders’ body also expects the base rate to remain unchanged at its current level of 0.5% for most [...]

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Home ownership goal stretched to aged 38

Gill Montia — Sat, 21 May 2011 06:15:48 +0000

Brits with property-owning ambitions don’t expect to be able to buy their first home until aged 38, or 43 for Londoners, according to new research from moneysupermarket.com. With only 1,581 home loans currently available to first-time buyers (compared with 14,940 in July 2007) the average loan-to-value ratio stands at 77%, meaning new buyers aiming for [...]

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Interest rate fears drive remortgaging surge

Gill Montia — Fri, 13 May 2011 10:39:37 +0000

The first three months of the year saw a remortgaging surge, with activity accounting for 37% of the quarter’s lending (up from 30% in the previous quarter), the Council of Mortgage Lenders (CML) reports. In March, there were 33,900 loans for remortgage, up 16% compared to February and up 17% year-on-year, with the rise linked [...]

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Repossessions up but mortgage arrears improve

Gill Montia — Fri, 13 May 2011 05:32:15 +0000

Repossessions rose 15% in the first three months of 2011, compared with the previous quarter, according to new data from the Council of Mortgage Lenders (CML). A total of 9,100 properties were taken back by lenders, equating to 0.08% of all loans, but the figure was 10% lower than a year earlier and fell in [...]

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Cash buyers make up 40% of house purchasers

Gill Montia — Wed, 27 Apr 2011 10:21:41 +0000

Figures from the Council of Mortgage Lenders (CML), seen by the BBC, show a huge rise in the proportion of home buyers paying in cash. In January, nearly 40% of purchasers had no need of a mortgage, meaning that the proportion of loan-free buyers had more then doubled since CML records began, in 2005, the [...]

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CML reports 2% fall in mortgage lending in March

Kay Murchie — Wed, 20 Apr 2011 10:08:28 +0000

The Council of Mortgage Lenders (CML) has today said mortgage lending continues to remain weak, suggesting the housing market will remain subdued this year. According to the Council, gross mortgage lending for March was 2% lower in March on an annual basis. However, on a monthly basis, gross lending rose 21% to £11.3 billion, compared [...]

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UK housing market “stuck in a rut”

Gill Montia — Fri, 18 Mar 2011 11:52:44 +0000

Gross mortgage lending remained flat in February, at around £9.5 billion, according to new data from the Council of Mortgage Lenders (CML). The total is less than 1% up year-on-year and any seasonal pick-up in house purchase demand appears to be weaker, despite a lull in activity at the start of 2010, following the end [...]

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Mortgage borrowers unaware of low interest rates

Gill Montia — Sat, 12 Mar 2011 08:34:39 +0000

One in four mortgage holders doesn’t realise that interest rates are at historic lows, research highlighted by Shelter suggests.
According to the homelessness charity, 25% of the 1,500 homeowners surveyed believe current rates are either higher than or the same as they have been in the past, or simply don’t know.
Of this group, 9% believe interest [...]

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January mortgage lending down 26%

Gill Montia — Fri, 11 Mar 2011 11:06:42 +0000

Mortgage lending plummeted by 26% in January, compared with December, but the Council of Mortgage Lenders (CML) is keen to explain how an “unusual combination of factors” are to blame.
Putting aside seasonal factors, the lenders’ body reckons the impact of government spending cuts, rising inflation and new tax measures all “discouraged” potential house buyers.
Extreme weather [...]

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Gross mortgage lending down 13%

Gill Montia — Fri, 18 Feb 2011 15:48:29 +0000

Gross mortgage lending fell to around £9.2 billion in January, down 13% on December but up 5% on a year earlier.
New figures from the Council of Mortgage Lenders (CML) show the first year-on-year increase since August 2010, although CML economist, Peter Charles, points out that the Bank of England’s latest Inflation Report warns that UK [...]

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No “magic bullet” to normalise the mortgage market

Gill Montia — Thu, 17 Feb 2011 08:22:46 +0000

The Council of Mortgage Lenders (CML) has responded to a discussion initiated by Housing Minister, Grant Shapps, over the large deposits needed by first-time buyers, by pointing out that lending constraints currently apply to all those who don’t hold a large amount of equity in their homes.
The CML explains that high loan-to-value (LTV) lending is [...]

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Mortgage lending stabilises in 2010

Gill Montia — Fri, 11 Feb 2011 12:04:53 +0000

Mortgage lending stabilised in 2010 after “very sharp” falls in 2008 and 2009, the Council of Mortgage Lenders (CML) has reported.
Over the whole of last year, there were 529,300 loans advanced for house purchase (worth £77.1 billion) up 3% by volume and 11% by value on a year earlier.
Loans for remortgage were at a [...]

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Buy-to-let lending makes promising recovery

Gill Montia — Thu, 10 Feb 2011 13:14:47 +0000

Buy-to-let mortgage lending grew by 7% in 2010, according to the latest data from the Council of Mortgage Lenders (CML).
By the year-end, there were an estimated 1.3 million buy-to-let loans outstanding, worth £152 billion.
The total value of lending during 2010 stood at £10.4 billion (up 22% on 2009), and the total number of loans [...]

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Repossessions set to rise after 2010 falls

Gill Montia — Thu, 10 Feb 2011 12:37:26 +0000

The number of repossessions by the UK’s first-charge mortgage lenders fell to 36,300 in 2010, with the figure down 24% on 2009, according to the Council of Mortgage Lenders (CML).
The decline meant that 0.3% of all mortgages were subject to possession proceedings last year, while arrears fell by 13% to 169,600 (1.49% of all home [...]

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Mortgage lending at its lowest since 2000

Gill Montia — Fri, 21 Jan 2011 12:19:24 +0000

Gross mortgage lending fell 6% in December, compared with a month earlier, to the lowest level recorded since 2000.
According to the Council of Mortgage Lenders (CML), the £11 billion total also reflects an annual decline of 18%, although comparisons are distorted by the ending of the 2009 stamp duty holiday.
For 2010 as a whole, lending [...]

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Mortgage lending stable in November

Gill Montia — Fri, 14 Jan 2011 10:18:41 +0000

Mortgage lending remained stable in November of last year, compared with October, with the UK’s banks and building societies advancing 44,000 loans for house purchase (worth £6.3 billion), according to new data from the Council of Mortgage Lenders (CML).
However, compared with a year earlier, the figures are down 15% by volume and 13% by [...]

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Mortgage lending shifts back a decade

Gill Montia — Mon, 20 Dec 2010 10:22:43 +0000

Gross mortgage lending fell to an estimated £11.1 billion in November, according to the Council of Mortgage Lenders (CML).
The figure represents a 5% drop on October and is down 10% year-on-year, although the flurry of housing market activity created by the end of the 2009 stamp duty holiday needs to be taken into account [...]

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Housing and mortgage markets to remain broadly flat in 2011

Gill Montia — Wed, 15 Dec 2010 16:25:18 +0000

In its forecast for 2011, the Council of Mortgage Lenders (CML) says it expects low interest rates to underpin “significantly” current house prices, despite low levels of property sales.
The lenders’ body is even suggesting that the base rate could remain at its current level of 0.5% for the whole of next year.
Low interest rates should [...]

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Future housing conference – Council of Mortgage Lenders

Editor — Tue, 02 Feb 2010 18:54:24 +0000

Future housing conference information

24 February 2010

Conference time: 0845hrs – 1630hrs

Background

The CML compile and publish a range of statistics on the UK housing and mortgage markets including key data on mortgage lending, arrears and possessions and market segments such as buy-to-let. This unparalleled knowledge and insight into the important role housing plays in the economy is the basis on which this conference programme is built.

The detailed content will help all organisations, not just lenders, operating within the world of housing. The content discussed will be crucial to understanding current and future housing market conditions.

Chaired by Sue Anderson, head of external affairs, Council of Mortgage Lenders

Expert speakers will include:

Michael Coogan, Director General, Council of Mortgage Lenders
Rt. Hon John Healey MP, Minister for Housing and Planning
Peter Williams, housing consultant and Chairman, IMLA
Steven Hall, director, KPMG
Bob Pannell, head of research, Council of Mortgage Lenders
John Stewart, director of economic affairs, Home Builders Federation
Rob Thomas, senior policy adviser, Council of Mortgage Lenders

Delegates currently booked on include:

Technical director, Allied Surveyors
Head of sales, Halifax Intermediaries
Head of product delivery, HBOS plc
Team leader, housing regeneration and third sector team, HM Treasury
Business project manager, Legal and General Assurance Society

Cost:

£275 for members (VAT exempt)
£325 for non-members (VAT exempt)

Our event fees remain highly competitive with prices for members and associates not having increased since January 2007

Location:

The Westbury Hotel, Bond Street, Mayfair, London, W1S 2YF

This event is open to press

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Latest Bank mortgage lending figures may point to slower January – Council of Mortgage Lenders

Editor — Tue, 02 Feb 2010 18:43:57 +0000

The latest Bank of England mortgage data published today confirms the likelihood that there may have been a “bunching” of house purchase transactions in December to beat the stamp duty concession deadline.The gross lending total of £13.4 bn in December 2009 was in line with the CML’s estimate (£13.5 bn) and seems to confirm the CML’s view that much activity was “rushed through” to beat the stamp duty deadline. Gross lending totalled £143.5 bn in 2009.

Net lending remains up from the near stagnation in the middle of the year. For 2009 as a whole net lending totalled £11.5 bn. This was the lowest level on record (back to 1987), but higher than the CML forecast of £8 bn. It was largely driven by the relative strength of house purchase activity, which picked up over the latter part of the year, and weak levels of repayments. The CML sees little if any evidence that households, in aggregate, are using low interest rates to pay down mortgage debt more quickly.

CML economist Paul Samter said:

“These figures confirm that the mortgage market ended 2009 in much better shape than it started, but it still looks like a slow haul back to meaningful levels of activity. It should be no surprise if January and February this year appear particularly slow, if we are correct in our view that many buyers rushed to beat the stamp duty concession deadline in December.”

Notes to editors

1. The December lending data is available from the Bank of England website.

Contact details: Name: Sue Anderson; Tel: 020 7438 8924; Email: sue.anderson@cml.org.uk; Name: Bernard Clarke; Tel: 020 7438 8923; Email: bernard.clarke@cml.org.uk; Name: Jayne Chichester; Tel: 020 7438 8922; Email: jayne.chichester@cml.org.uk

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