CML: More mortgage lending in June

14 August 2009

Written by Gavin Elley

Some 45,000 house purchase loans were recorded in June, according to the Council of Mortgage Lenders (CML).

Deals were worth a total of £5.9 billion and this was 23 per cent higher than the previous month.

The CML also revealed that remortgaging also grew in June, although the current rate of interest is set to keep these levels "subdued" for the foreseeable future.

Since March, the Bank of England has kept the cost of borrowing at 0.5 per cent - a record low in the UK.

Paul Samter, an economist at the CML, said: "Low interest rates and realistic selling prices have helped generate a welcome increase in transactions, but there is some way to go before we reach normal levels of activity."

He added that there have been "tentative" signs, which suggest lending criteria has eased following a number of months of reduced activity in this field.

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