Monthly lending as mortgages 'is up'

Posted: 22 Jul 2009 09:21:08 GMT

New figures from the Council of Mortgage Lenders (CML) show that gross mortgage lending increased last month.

The data revealed a 17 per cent increase compared to May's figures, with a rise from £10.5 billion to £12.3 billion as more buyers showed interest in property for sale.

Paul Samter, economist at the CML, said: "The pick-up in June's lending largely reflects seasonal factors and these may well support lending volumes at moderately higher levels over the rest of the summer."

He added that CML's gross mortgage forecast for the rest of the year remains unchanged at £145 billion.

The CML represents around 98 per cent of the UK residential mortgage lenders in the UK.

Last month, data from the council revealed that buy-to-let accounted for six per cent of all gross mortgage lending in the first three months of the year, with a total of 22,400 buy-to-let mortgages advanced to those looking to enter the rental market.

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