Mortgage lending 'up month on month' - buy to let mortgages

22 July 2009

Mortgage lending levels are starting to improve, according to new figures from the Council of Mortgage Lenders (CML).

Figures reveal that the total amount of gross mortgage lending in June totalled £12.3 billion - a 17 per cent increase on May's levels although still 48 per cent lower than in June 2008.

CML's forecast for the year remains at its previous estimate of £145 billion.

The council's economist Paul Samter explained that the increase in June could be due to the traditional recovery seen as the summer approaches.

He added: "The pick-up in June's lending largely reflects seasonal factors and these may well support lending volumes at moderately higher levels over the rest of the summer."

Details of buy to let lending were less positive with the CML with the number of buy to let mortgages approved in the first three months of the year totalling 22,400 - 38,000 less than in the final three months of 2008.

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