CML responds to rate hold decision
05 Jun 08
It was no surprise that the MPC decided to hold rates at 5% today according to the Council of Mortgage Lenders.
CML director general, Michael Coogan commented:
“We expected the MPC to hold rates today as it wrestles to control rising inflation in a weaker economic outlook.
“But clearly there are still affordability pressures on borrowers and a widespread funding shortage for lenders. We hope that as the effects of the Bank of England’s liquidity scheme feed through the financial system there will be some benefits for mortgage lenders, and in turn borrowers, later in the year.”
Notes to editors
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98% of all residential mortgage lending in the UK. There are 11.8 million mortgages in the UK, with loans worth over £1.2 trillion.
- Contact details
- Name: Sarah Robson
- Tel: 020 7438 8922
- Email:
- Name: Sue Anderson
- Tel: 020 7438 8924
- Email:
- Name: Bernard Clarke
- Tel: 020 7438 8923
- Email:
