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Mortgage Lending Up…A Bit

19.08.10

Today saw the release of the latest set of data from the Council Of Mortgage Lenders, (CML) stating that Gross Mortgage Lending rose by 5% in July compared to June, although this is still 3% down from July 2009.

In total Gross mortgage lending was an estimated £13.6 billion in July, increasing from £12.9 billion in June and compared to £14 billion in July 2009.

The modest rise in mortgage activity we’ve seen since June has been set against a low base, and although there has been a noticeable rise in the number of products available to borrowers, and more lenders returning to the market, the mortgage landscape is by no means close to returning to “normal”.

Mortgage lending criteria have toughened, making it difficult for borrowers, particularly the self-employed and first-time buyers who are struggling to obtain the borrowing they require.

Consumer demand will begin to rise again after the traditional summer lull, with buyers keen to take advantage of low interest rates and a softening of house prices, but I would expect the rest of the year to remain pretty subdued as lenders continue to err on the side of caution.

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Andrew Montlake

Written by Andrew Montlake

Andrew Montlake, better known as Monty, began his journey with an Hons degree in Economics & Politics before starting in the mortgage industry in February 1994. As a main founder of Coreco in 2009, he successfully grew the brand, marketing, and communications, and was made MD in 2019 focussing on the overall vision, strategy, and culture of the company. As Coreco’s media spokesperson, Andrew can often be seen or heard on TV and radio as well as regularly commenting in the national, local, and trade press. He is the author of this acclaimed Mortgage Blog and is well-known for his social media, podcasts, and public speaking. Andrew is now proud to serve as Chairman of the Association of Mortgage Intermediaries, (AMI) as a cheerleader for the Mortgage Industry as a whole and continues to work at the coal face, writing mortgage business and advising clients.

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