Mortgage loans down again as lenders pin hopes on Government schemes to kick-start property market | Mail Online
Mortgage lenders have warned that a recovery in the housing market depends heavily on the Government's schemes to boost lending after loans dipped 4 per cent in August on a year ago.
The Council of Mortgage Lenders (CML) estimated that gross lending was £12.6billion last month - marginally down on the £12.7billion lent in July but some 4 per cent lower than a year ago, when £13.1billion was borrowed in mortgages.
The CML, which comprises banks and building societies and accounts for 95 per cent of residential mortgage lending, said that government schemes such NewBuy and Funding for Lending were now important in kick-starting the market.
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