The Council of Mortgage Lenders (CML) has reported that mortgages for new purchases hit a record low in Frburary when they dropped by almost a third over the last year. And this is expected to get worse because of the credit crunch and property prices falling.
The CML has reported just 49,000 loans completing in February, worth £7.5bn, 5.1% than the total amount advanced in January.
Remortgaging activity remained unchanged from January, making it's share of the total level jump to it's highest level in three years. And this part of the market is expected to stay high as borrowes fixed and discounted rate deals come to an end.
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