22 Jan

Increase in lending figures 'shows there are good mortgage deals on offer'

Increase in lending figures 'shows there are good mortgage deals on offer'

The recent increase in lending figures demonstrates that there is more competition in the mortgage market, one expert has stated.

Paula John, editor of Your Mortgage, commented that although lending figures have fallen significantly since 2008, the recent upturn is good news.

"The latest increase in lending reflects good deals and there are more competitive deals in the market at the moment," she said.

Ms John pointed out that there are also a greater number of financial institutions offering high loan-to-value (LTV) products, with some reaching an LTV of 80 per cent or higher.

On January 21st, the Council of Mortgage Lenders (CML) reported that gross mortgage lending increased in December 2009 by 14 per cent compared with November and was also up by three per cent year-on-year.

However, the CML revealed that lending on properties for 2009 fell to £143.7 billion, a 43 per cent drop compared with 2008 and the lowest annual total in nearly ten years.ADNFCR-1222-ID-19574076-ADNFCR

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