CML responds to Bank's Lending Trends report
22 Oct 09
Commenting on today's "Trends in Lending" report from the Bank of England, CML director general Michael Coogan said:
"As we surmised when we published our September gross lending data on Tuesday, the new report confirms that September saw a continuation of the two-speed mortgage market, with lending for house purchase continuing to increase but remortgaging remaining weak.
"But, also as we have highlighted, funding conditions remain challenging, despite the encouraging signs of a slight thaw in wholesale funding markets. Today's report very much confirms our own assessment of market prospects - the most likely scenario is a slow and long-drawn out recovery."
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 11.1 million mortgages in the UK, with loans worth over £1.2 trillion.
2. The October trends in lending report is on the Bank of England website.
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