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Gross mortgage lending increases

Gross mortgage lending increases

Category: Mortgages

Updated: 19/04/2013
First Published: 19/04/2013

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Gross mortgage lending is estimated to have risen by 9% during March, according to latest figures from the Council of Mortgage Lenders (CML).

Total gross lending increased to £11.6 billion last month, up from £10.6 billion in February this year and a typical seasonal dip during the winter months. Overall lending during the first three months of this year reached over £33 billion.

Borrowing activity has continued to improve since the launch of various Government incentives, particularly its £80 billion Funding for Lending Scheme introduced in August 2012.

Separate figures issued earlier this week revealed the number of people taking out a mortgage during March had increased annually by 22%, with 92% of borrowers choosing to fix their mortgage over a two or five-year term.

Bob Pannell, chief economist at the CML, said: "The improvement in funding markets over the past year, reinforced by the incremental benefits of the Funding for Lending Scheme, has been the key catalyst behind stronger housing activity.

"The Help to Buy mortgage guarantee scheme, while still embryonic as yet, holds significant firepower and has the potential to increase activity from 2014."

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