Gross mortgage lending saw boost in March


Gross mortgage lending rose to £11.6 billion in March, according to new estimates from the Council of Mortgage Lenders (CML).
Figures from the trade association have showed this is nine per cent higher than in February (£10.6 billion), but eight per cent lower than the same period in 2012 (£12.6 billion).
It also suggested gross lending for the first three months of this year was £33.8 billion, matching the total for the first quarter of 2012.
Bob Pannell, chief economist at the CML, said conditions in the housing and mortgage markets continue to show signs of improvement, reinforced by the Funding for Lending Scheme and better market funding.
He remarked: “The Help to Buy mortgage guarantee scheme – which still embryonic as yet – holds significant firepower and has the potential to increase activity from 2014.”
This comes after uSwitch.com recently warned homeowners that white mortgage rates are falling, they need to remain wary as many deals come with hefty fees.
Currently, there are around 11.3 million mortgages in the UK and collectively the loans are worth more than £1.2 trillion.

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