23rd March 2007 17:34
The Council of Mortgage Lenders (CML) has this week announced the highest borrowing figures on record for February. Gross mortgage lending reached £24.6 billion, which although down by 7% from January, it is up by 9% on the £22.5 billion borrowed in February 2006. CML Director General Michael Coogan commented on the figures:

"This is the highest February lending figure on record, and reflects the continuing strength of the market and the strong desire of many people to get a foot on the property ladder or move house. Recent speculation about whether or not interest rates will go up seems to have had little impact upon lending levels and we still expect gross lending to reach around £360 billion this year.”

The CML includes amongst its members banks, building societies and other lenders comprising 98% of all residential mortgage lending in the UK. In spite of interest rate rises and surging property prices, the mortgage lending market is still strong. There are now 11.6 million mortgages in the UK, with loans worth over £1 trillion.

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Moving house costs triple in 10 years - The cost of moving house in the UK has risen dramatically in the last ten years. - 28th March 2007 10:24
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