20 Feb

Mortgage lending increases

Mortgage lending increases

Gross mortgage lending in January increased by 11 per cent to £26.5 billion, according to the Council of Mortgage Lenders (CML).

This is hailed as good news by the CML, amid the current financial uncertainty and market conditions in the latter half of last year.

However director general Michael Coogan warned that volumes would be lower over the next few months because mortgage approvals had fallen off.

He also suggested demand will be stronger for people seeking to remortgage than for house purchasing in the short term.

"Home buyers might be more inclined to transact if their moving costs were reduced and the government has the opportunity to address this by raising stamp duty thresholds," he said.

It could also cut stamp duty in next month's Budget, Mr Coogan added.

The CML also recently suggested long-term fixed-rate mortgages would be more popular with people if they were easier and cheaper to exit.
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