23 Jul

CML releases June lending figures

CML releases June lending figures

The Council of Mortgage Lenders (CML) has released details of gross lending for June 2009.

Figures show the second quarter of the year experienced no change from the first in terms of the amount of money borrowed, as it once again totalled £33.3 billion.

Despite this remaining the lowest quarterly reading since the first period of 2001, economist at the CML Paul Samter, has an optimistic outlook.

He explained: "The pick-up in June's lending largely reflects seasonal factors, and these may well support lending volumes at moderately higher levels over the rest of the summer."

Mr Samter also said that the organisation's forecast for gross mortgage lending remains unchanged at £145 billion for 2009.

Rob Simpson, managing director at Simpson Financial Services Limited, recently advised people to opt for mortgages with both tracker and fixed-rate elements to them.

This is because the financial future of the UK is still uncertain and Brits need to be cautious about future changes in interest rates.

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