14 Jun

CML releases mortgage lending figures

CML releases mortgage lending figures

An uptake in remortgaging has helped gross mortgage lending grow by five per cent in April, according to new figures.

Data released by the Council of Mortgage Lenders (CML) revealed that a total of £3.4 billion was advanced to borrowers who were remortgaging their property two months ago, which was up by ten per cent in comparison to March.

While this number was down by three per cent on April last year, the rate of decline had decreased over the past two months.

Furthermore, the CML said that there were 42,600 house purchase loans issued in April, down by 0.9 per cent on March, but up by 22.4 per cent on the same point last year.

The number of loans taken out by first time buyers was 19,400, with the average loan to value being 81 per cent.

Paul Smee, director general of the CML, said: "Lending to first-time buyers remains above the levels seen at the same time last year, despite the boost caused by the end of the stamp duty holiday in March last year."

He noted that the Help to Buy scheme which was announced at the Budget should help to provide a further boost.ADNFCR-1222-ID-801599081-ADNFCR

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