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New figures released by the Council of Mortgage Lenders reveal mortgage lending in February increased slightly from the previous month.
The figures show there were 32,300 loans for house purchase, worth £4.6 billion, up 8 percent by volume and 5 percent by value from January.
Mortgage lending was however down 12 percent by volume and 12 percent by value from February 2010, the Council of Mortgage Lenders (CML) showed.
"The February fall in lending compared to last year was despite the fact that lending in the early
months of 2010 was itself depressed following the end of the earlier stamp duty concession,” said Bob Pannell, CML chief economist.
"We are likely to see a continuing increase in remortgage activity this year, especially if and when
rate rises occur."
They show remortgage lending also increased in February. The Bank of England’s large increase in remortgage approvals in early 2011 has not yet fed though to completions.
The boost was instead attributed to the increases in both first time buyers and home movers, with the former making the largest contribution with 12,400 loans, worth £1.4 billion in total.
New Mortgage Products
Coventry Building Society has extended their mortgage range recently with offers including 4.15 percent fixed mortgages for 80 percent loan to value until the end of June 2013, or 2.99 percent Flexx for Term, for a 75 percent loan to value.
Santander has also launched a new two year fixed remortgage product, at 75 percent loan to value, and 3.59 percent with a £995 fee. They have also reduced rates on their two and five year fixed and tracker homebuyer and remortgage products.
To find the best mortgage deal to suit your financial situation, it is important to consider whether you want to move to a fixed mortgage rate, or take advantage of low variable rates due to the low base rate held by the Bank of England.
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