CML rues 'fractured' policy as lending hits eight-year low

According to the trade body, lending slumped to £9.9bn last month, the lowest level since February 2001. The figure represents a 15% fall from the £11.7bn sum posted in January and a 60% drop from February 2008. The CML was keen to emphasise, however, that February is typically the weakest month for mortgage completions, adding although this is a larger decline than the usual 3% or 4% decline between January and February, it remains in line with its forecasted £145bn gross mortgage lending in 2009. "Retail savings are now the predominant source of funding for mortgages," CML director ge...