Gross mortgage lending increases 37% year-on-year
Gross mortgage lending was an estimated £15.4 billion in March, according to the Council of Mortgage Lenders. This is 4% higher than February's gross lending total and 33% higher than March last year (£11.6 billion).
For the first quarter of this year gross mortgage lending was an estimated £46.3 billion. This represents a 10% decrease from the last three months of 2013, but a 37% increase on the first quarter of 2013 (£33.8 billion).
Aaron Strutt, product manager at Trinity Financial, says: "The lenders are keen to provide even more mortgages this year despite the additional regulation coming into the industry".
Many of the banks and building societies are still offering incredibly low mortgage rates with two-year fixes available well below 2% and five year fixes around the 3% mark. Borrowers will need at least a 15% deposit to qualify for really attractive rate.
April 17, 2014
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