Gross mortgage lending up 9% in March

The Council of Mortgage Lenders estimates that total gross mortgage lending increased to £11.6 billion in March. This is 9% higher than February's gross lending figure of £10.6 billion but 8% lower than £12.6 billion in March 2012. Gross lending for the first quarter of 2013 was therefore an estimated £33.8 billion. This represents a 9% drop from the last three months of 2012 but matches the gross mortgage lending total for the first quarter of 2012. Aaron Strutt, a broker at Trinity Financial, says: "I don't think that it is a real surprise the lending figures are up, we are certainly helping more of our clients than in recent months and more mortgage applications are being accepted. "We are seeing first time buyers return to the market after delaying their decision to buy a home in the hope property prices would come down more than they have.  The lenders continue to push their record low mortgage rates but borrowers still need at least a 10% deposit to get a reasonable rate." April 19, 2013