Gross mortgage lending up in June


Gross mortgage lending was up in June to £12.6 billion across the UK as lenders introduced new deals and improved their rates.

According to the Council of Mortgage Lenders (CML), the figures represent a 16 per cent rise on the £10.8 billion lent in May.

While this is clearly a marked monthly improvement, the data also shows that lending was actually down three per cent year-on-year.

Despite the value being lower than June 2010, the total is the highest since July last year, when banks shelled out an estimated £13.3 billion in mortgages.

It took the gross lending for the second quarter to approximately £33.5 billion, which represents an 11 per cent rise on the three months to the end of March, but a three per cent decline on Q2 2010.

CML chief economist Bob Pannell explained that the economy is still going through a period of slow growth, while consumers are under pressure from falling income and inflated prices set against the backdrop of an uncertain jobs market.

“This backdrop weighs negatively on purchase decisions relating to home ownership,” he said.

“By contrast, landlord activity appears to have picked up recently and, with evidence of strong rental demand, this should help to underpin activity over the coming months.”

In other news, Santander has launched a new feeless three-year fixed-rate 75 per cent loan-to-value mortgage at 4.15 per cent.

Get the Best Rates from Local Mortgage Advisers Now!

Finding the best mortgage advisers in your area is easy. Whether you're looking for buy to let, a residential mortgage, or a commercial loan, just enter your location into the form and answer a few questions. Then sit back and let the backend system do all the legwork to put you in touch with independent mortgage advisers near you!

Find the Best Rates from Local Mortgage Advisers!
Finding the best mortgage advisers in your area is easy. Whether you're looking for buy to let, a residential mortgage, or a commercial loan, just enter your location into the form and answer a few questions. Then sit back and let the backend system do all the legwork to put you in touch with independent mortgage advisers near you!

Powered by Bark

Close
100% secure