4 Jun

Gross mortgage lending 'will total £150bn this year'

Gross mortgage lending 'will total £150bn this year'

The level of gross mortgage lending in the UK will add up to around £150 billion in 2010, it has been claimed.

According to the Council of Mortgage Lenders (CML), this is the likely figure, although it noted that it will keep the prediction under close review.

It gave its analysis after the release of Bank of England lending data.

CML director-general Michael Coogan noted that the low interest rates at the moment are encouraging people to secure home loans.

There are some good deals on mortgages at present due to the fact the base rate remains at 0.5 per cent following the decision last month by the Monetary Policy Committee to leave it at this level.

However, Mr Coogan added: "[The low rates] are removing the incentive to remortgage, which is also bearing down on the lending figures."

He went on to claim that the upcoming Budget represents an opportunity for the government to support homeowners.
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