14 Apr

CML reveals house purchase mortgage rise

CML reveals house purchase mortgage rise

The number of mortgages for house purchases rose in February, the Council of Mortgage lenders (CML) has stated.

Figures from the body indicated that the month saw 24,300 home loans completed, up from the January tally of 23,400.

Commenting on the situation, CML director general Michael Coogan gave a cautious assessment, but suggested there is reason for optimism.

He stated: "We are not convinced that underlying trends have shifted sufficiently to change our forecasts for mortgage market activity in 2009, but there are some positive signs for later in the year."

Another trend noted was a shift from tracker mortgages to fixed-rate deals, with the latter accounting for 56 per cent of deals in February compared to 49 per cent the previous month as interest rates fell.

The news comes after Bank of England figures for house purchase lending in February showed a 19 per cent rise.

During the month a total of 37,937 mortgages were agreed with an aggregate value of £4.5 billion, compared with 31,791 in January at £3.8 billion.

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