You are here: Home - News -

Gross mortgage lending reaches £15bn in June

  • 10/08/2001
  • 0
The latest monthly survey of mortgage lenders from the CML and DETR reports that gross mortgage lend...

The latest monthly survey of mortgage lenders from the CML and DETR reports that gross mortgage lending rose from £13.6bn in May to £15bn in June.

Lending for house purchase rose to £9.6bn in June, up from £8.5bn the previous month and £7.7bn in June 2000. Although remortgage business as a proportion of total mortgage lending fell from 31% to 29%, the value of remortgaging rose to £4.4bn from £4.2bn.

The average new mortgage rates dropped from 5.53% to 5.45%, and the average new variable rates fell from 5.34% to 5.27%, while the average new fixed rates dropped 0.5% to 5.90%.

Michael Coogan, director general of the CML, said: ‘Mortgage lending has once again reached record levels in June. However, income multiples have been edging up over the last year as a result of house price rises. The likelihood is that over the coming months house prices and lending will start to level off in response to deteriorating affordability.’

Figures from both the British Bankers Association (BBA) and the Building Societies Association (BSA) showed another solid increase in lending. Building society gross advances were up from £2.2bn to £2.3bn, while gross mortgage lending from the banks was up 11% in June to £10.4bn from £9.3bn.


There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
MHBS sees net mortgages rise to 22% of business

Market Harborough Building Society (MHBS) has reported almost a quarter of all their mortgage busine...