Please Note: This Article is 13 years old. This increases the likelihood that some or all of it's content is now outdated.

Council of Mortgage Lenders – Press Release – 12 Feb 09

Mortgage landscape reshaped in 2008

New data from the Council of Mortgage Lenders graphically illustrates the sharp decline in mortgage lending activity over the past year. There were 516,000 house purchase loans in 2008, a decline of 49% from 2007 and the lowest level of activity since 1974. There were 32,000 house purchase loans in December, a decline of 5% from November and the lowest level since monthly records began in 2002.

Remortgaging declined by 26% from November to 40,000 loans in December, as the combination of attractive reversion rates and more restrictive lending criteria meant that for many borrowers the best option was to stay with existing deals.

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Please Note: This Article is 13 years old. This increases the likelihood that some or all of it's content is now outdated.

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