23 May

Mortgage lending on the up

Mortgage lending on the up

There was a 36 per cent increase in UK mortgage lending in April when compared to last year.

According to the Council of Mortgage Lenders (CML), last month saw an increase in home loans as the property market continues to recover.

The figures did also account for one week of the new mortgage rules that aim to ensure that lenders subject borrowers to a full affordability check.

It had been expected that the new assessments would slow down the mortgage demand, however, it did not appear to initially impact on mortgage approvals but the changes may not yet have filtered through.

"The implementation of the Mortgage Market Review (MMR) rules from late April has made it a little harder to interpret recent data. As we have pointed out previously, there may be some disruption to the monthly pattern of activity while MMR procedures bed down," said CML chief economist Bob Pannell.ADNFCR-1222-ID-801722989-ADNFCR

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