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News
Lending Still Strong
The Council of Mortgage Lenders say borrowers moved away from fixed rate mortgages in October with fixed rate loans accounting for 68% from 72% in September.
Fixed rate mortgages proved to be popular in 2007 but now the trend is veering towards variable rate loans especially as the bank interest rate seems likely to be cut during 2008.
Lending remained strong totalling £33.5bn in October a 9% rise from September, thought most of these mortgages will have been approved before the credit crunch. The early months of 2008 are likely to be more subdued.
Home movers borrowed around three times their income and first time buyers borrowed 3.36 times their income in October down from September’s 3.38.
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