CML news & views

Later this month, we will report our latest data on mortgage arrears and possessions. We do not believe that our forecast of 45,000 possessions in 2008 will be exceeded. But what can be done to avoid the 75,000 possessions we are predicting this year?

Some commentators interpreted recent net lending data from the Bank of England as marking a turning point in the market. Unfortunately, we do not agree. The data did not show any fundamental change in net lending, which remains low by historical standards.

This month’s rate cut was more good news for some borrowers with tracker mortgages. Meanwhile, the FSA said that, while contractual terms should determine what borrowers pay, low rates did not change the fundamental relationship between lenders and borrowers.

Two new firms have joined the CML as associates