Fixed mortgages still popular
- 12th September 2007
- Buying Property News
Fixed rate mortgages remain popular making up 79% of mortgage and remortgage loans in July.
This is despite the fact that the board The Council of Mortgage Lenders has reported that the number of mortgages taken out fell in July.
In addition, the number of loans to first time buyers fell by 7% to 32,400, compared to June, and the value of those loans fell by 4% to £4.4bn.
However, lending not including house purchase or remortgaging, rose to 23% of total lending. The highest proportion of loan value ever at £7.8bn.
Michael Coogan, director general, CML, commented: “A slight fall in lending between June and July has emerged for the third year in a row, so of course we cannot read too much into a single month's figures. But the long anticipated slowdown in the housing and mortgage markets may now be beginning to materialise.”
The long-anticipated slowdown in the housing and mortgage markets may now be beginning to materialise.
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