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May sees new peak in mortgage lending

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  • 01/07/2002
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Mortgage lending reached a new peak in May, with gross advances of £19.5bn, an increase of 19% over ...

Mortgage lending reached a new peak in May, with gross advances of £19.5bn, an increase of 19% over April’s £16.4bn, according to Council of Mortgage Lenders’ (CML) figures. Although remortgaging remained buoyant the main stimulus for the increase was house purchase loans, which reached £12bn, a record figure.

Michael Coogan, director general of the CML, said: ‘With rates at historically low levels, a modest rise in interest rates this summer would help ensure the housing market is sustainable in the future, without causing payment difficulties for the overwhelming majority of borrowers.’


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