Monthly mortgage lending continues record breaking streak

Total mortgage lending hit a record £25.1 billion in April say figures published by the Council of Mortgage Lenders (CML).

The figure was 16 per cent up on April 2005, but nonetheless down on the month before. March is traditionally a mortgage hotspot as Easter boosts lending.

“The record figures we have witnessed over the past six months illustrate that the market is in robust shape,” said CML director general Michael Coogan.

He added that the booming mortgage market of the last six months should not necessarily be seen as a lasting trend, however.

“The level of new mortgage approvals has stabilised in recent months, and we do not expect the underlying level of lending to rise from recent levels,” Mr Coogan said.

“In the past couple of months the interest rate picture has changed and financial markets are expecting the Bank of England to raise rates this summer.

“If this happens, housing and mortgage market activity is likely to slow down from the recent high levels as the year progresses.”

Currently rates have remained stable however and, with more competition in the mortgage market than ever before, it remains a great time to compare mortgage rates.

© Adfero Ltd

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