Spring Leap In Mortgage Lending
February 20th, 2008 by Lianne
Considering the recent lending climate, January 2008 has shown a surprising leap in the volume of mortgage lending with an increase of 11% in mortgage advances. This takes the January figures to a similar level to January last year.
According to the Council of Mortgage Lenders (CML), January showed total advances of £26.5 billion compared with the December figure of £23.92 billion.
Despite the optimistic start, the Council of Mortgage Lenders still believe the volume will be lower over the next few months because the number of mortgage approvals in the last few months of 2007 were lower due to the unsettled market.
The director general of the CML, Michael Coogan, believes that the demand over the next few months will be driven by remortgages rather than new mortgage deals as approximately 1.4 million people will be coming to the end of their special fixed rate deals.
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