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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 £138,558 has been borrowed so far this year, including £20,000 in August, latest figures from the Council of Mortgage Lenders (CML) show. 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 (£133,807) and the whole of 2011 (£138,257). 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.