| | Mortgage lending “subdued but stable” | | The latest figures from the Council of Mortgage Lenders (CML) have found that lending for both new mortgages and remortgages fell by 1%. | | Posted on : NetForce Press (28 Sept., 2011) | | | |
The latest figures from the Council of Mortgage Lenders (CML) have found that lending for both new mortgages and remortgages fell by 1%.
This is mainly due to strict criteria and the requirement for buyers to have a higher deposit, meaning that many first time buyers are unable to get on the property ladder.
Bob Pannell, chief economist for the CML, said: “The housing market remains subdued, but is relatively stable.”
Using a mortgage calculator can help you work out just how much money you will be able to borrow. A calculator like this will take factors such as how much you and your partner earn and how much deposit you have and show you how much you should be able to borrow. However, like with a loan calculator, this will often only be a guide and rates can vary depending on criteria set by the different lenders.
This is why it is important to search offers from as many lenders as possible or hire the services of a mortgage broker to help you make the right decision as well as keeping a close eye on the property market and mortgage lending news.
For more info visit: http://www.calculator.co.uk
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