CML reports mortgage lending increase in May

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CML reports mortgage lending increase in May

Struggling individuals hoping to find a suitable mortgage deal for their ideal property could welcome new statistics from the Council of Mortgage Lenders (CML).

The government body has revealed that total lending reached approximately £11.3 billion in May, which is a one per cent increase on the corresponding month last year.

Announced today (June 20th), the figures represented a 12 per cent rise from the £10.1 billion lent by building societies in April.

With predictions of an increase in interest rates beginning to ease, experts have estimated a decline in the number of homeowners choosing to remortgage their properties.

Michael Coogan, director-general of the CML, said: "Distorting effects from Easter and bank holidays cloud the current picture, but the likelihood seems to be for essentially flat levels of lending over the next couple of months."

Last month, the CML unveiled findings from a YouGov survey, which revealed that the majority of people were in support of reform to the current mortgage system.

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