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Mortgage lending annual growth up to 2.3% in March

The annual growth of the banks’ net mortgage lending was 2.3% in March, substantially ahead of the 0.7% for the whole mortgage market in February.
BBA statistics director, David Dooks said: “”Householders also remain focused on paying down debt, leading to a net contraction of unsecured borrowing and low net mortgage lending, although new mortgage lending is holding up fairly well.”
Council of Mortgage Lender (CML) figures showed gross mortgage lending for March at £11.3bn, which is a 21% rise on February’s £9.3bn.
However, despite the surge in March, lending was 2% down on the £11.5bn recorded in March 2010.
CML chief economist Bob Pannell said: “Remortgage approvals in February were the highest for more than two years. Stronger remortgage activity looks set to continue propping up overall lending.”
David Whittaker, managing director of Mortgages For Business, said: “There are parts of the mortgage market that are faring better than others. BTL products are increasing in number almost every day and the yields that can be achieved on more complex deals are astronomical, but the overall market is in dire need of a shot in the arm.”

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But he warned, “the government’s attempts are falling flat so lenders must take responsibility and help heal the market that so many of them relied upon three or four years ago.”