Home loan lending figures up 14% in December
22 January 2010
According to the Council of Mortgage Lenders (CML), gross home loan lending increased 14% in December, `defying the traditional Christmas slump`, The Times reports.
Gross lending increased to £13.7m last month, which is 3% higher than the figure recorded a year earlier.
Meanwhile, according to the Bank of England`s monthly `Trends in Lending` report, there was a fall in net mortgage lending by the main banks in December - as the rise in repayments outweighed the rise in gross lending. The report also revealed that approvals for home loans by the main banks fell in December.
However, as The Times reports, `the Bank did offer some hope to homebuyers who have not saved a hefty deposit` - with lenders offering more home loans for individuals whose deposit totalled 25% or less of the property`s value. Some lenders said they increased their maximum loan-to-value ratios for the first time in two years.
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