Mortgage Lending Rises to Highest Level in Past Six Months

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MORTGAGE lending rose to its highest level since December last month with a 17 per cent hike in advances, figures show. A total of Pounds 12.3 billion was lent during June thanks to a seasonal pick- up in house-buying activity, according to the Council of Mortgage Lenders.

Its latest statistics reveal that gross mortgage lending stood at an estimated Pounds 33.3 billion for the second quarter, although this was unchanged from the first three months of the year, which was the lowest quarterly reading since early 2001. The Bank of England also released its monthly report on lending trends which confirmed a rise in loans for house purchases and expectations for this to continue over the coming months. Signs of stabilisation in property market activity and prices resulted in lenders starting to become more flexible on loans-to-value and offer products which demand lower up-front deposits, albeit at higher rates, the Bank said.

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Mortgage Lending Rises to Highest Level in Past Six Months

But its surve...

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