Mortgages Worth Less In Britain

From the Telegraph:

The Council of Mortgage Lenders (CML) is preparing to release its estimate for the total amount of money leant by building societies and banks in September.

It is thought that the figure could be as little as half as much as last September, when £30.4 billion was lent.

Last week, revised figures revealed that £19.7 billion was leant in August – the lowest monthly figure since April 2005. The total represented a drop of 42 per cent on the previous year and was down by 20 per cent in just a month.

The CML said: “Exceptionally low housing market turnover and lower than anticipated remortgaging activity will keep monthly lending subdued in the immediate future.”

Monday’s figures are likely to give a fresh sign of the British economy’s deterioration, and will come as the latest blow to hard-pressed households, many of whom are preparing to refinance their fixed-rate deals in a punishing climate.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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