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UK mortgage lending back from slump | UK mortgage lending back from slump |
(about 2 hours later) | |
UK mortgage lending in the first eight months of the year has exceeded annual lending as a whole during the credit crunch. | UK mortgage lending in the first eight months of the year has exceeded annual lending as a whole during the credit crunch. |
A total of £138.6bn has been borrowed so far this year, including £20bn in August, latest figures from the Council of Mortgage Lenders (CML) show. | |
This is higher than mortgage lending for the whole of 2010 (£133.8bn) and the whole of 2011 (£138.3bn). | |
The CML said lending was "enjoying its best spell since 2008". | The CML said lending was "enjoying its best spell since 2008". |
Activity has been driven, in part, by homeowners remortgaging to secure a low rate, fearing that the Bank of England will increase interest rates in the coming months. | Activity has been driven, in part, by homeowners remortgaging to secure a low rate, fearing that the Bank of England will increase interest rates in the coming months. |
Mortgage lending in August was 12% higher than in August last year, when new rules were slowing the application process. The total was 8% lower than in July - as is often the case as people head off on summer holidays. | Mortgage lending in August was 12% higher than in August last year, when new rules were slowing the application process. The total was 8% lower than in July - as is often the case as people head off on summer holidays. |
The CML represents banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. | The CML represents banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. |
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