Three months and counting....

Published:

11/11/2009

Topic:

Press Release,Money,Mortgages

Commenting on the CML's lending figures, Hannah-Mercedes Skenfield, mortgages channel manager at moneysupermarket.com, said; "The continued growth of mortgage lending is a sure sign that the wheels of the housing market are turning again, albeit at a seemingly slow place.

"This is the third successive month we have seen an increase in year on year lending, indicating that many people are now satisfied the house prices have reached their nadir. However it is worth noting that mortgage lending in September, whilst up slightly on August lending, did not match the levels of lending in July.

"The 'equity is king' mantra of lenders over the last two years is continuing unabated, with first time buyers having to put down an average deposit of 25 per cent to get through the doors of their first home. Whilst this barrier to the market remains in place, a faster pace of growth is not possible - quite simply, too many perfectly suitable mortgage candidates are delaying that next step on the ladder due to a lack of deposit. Lenders must look beyond equity and start offering competitive mortgage products to those who can demonstrate a clear ability to meet repayments, regardless of how much deposit they have saved."

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