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Tuesday, 21 August 2007

Mortgage Lending Hits a New July Record

Data from the Council of Mortgage Lenders (CML) shows gross mortgage lending reaching a new record for the month of July, at £34.4 billion.

Although this figure is down 1% on June, it is 13% higher than lending in July 2006.

According to the CML, lending is currently fuelled by people remortgaging to get better deals in cae rates rise again. They also say that we have yet to see the full effects of the five interest rate rises since last summer, suggesting that the efects will be reflected towards the end of the year with lower lending levels.

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