Mortgage lending 'hits highest levels since December'
www.moneynews.co.uk > Mortgages > Mortgage lending 'hits highest levels since December'
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Money News |
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Mortgage lending 'hits highest levels since December'
Tue 21st Jul 2009
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The statistics show that last month lending hit its highest ebb since December last year as a total of £12.3 billion was lent amid a pick-up in house-buying in the UK.
Gross mortgage lending stood at £33.3 billion during the second quarter of 2009, according to the CML data. This is in contrast to last autumn, when lending activity in the UK dropped by 48 per cent compared to the same time in 2007.
"The combined effects of the restricted nature of mortgage funding, reduced number of active lenders, weak labour market and limited consumer demand are likely to hold back any significant and underlying improvement," said Paul Samter, an economist at the CML.
Those who are considering applying for a mortgage must resist the temptation to lie about their finances when doing so, as this could be more trouble than it is worth in the long-run, according to recent advice from credit checking organisation Equifax.
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