CML sees mortgage lending rise in May

There was an increase in mortgage activity throughout May, leading the Council of Mortgage Lenders (CML) to suggest that the market is starting to stabilise.

Although lending levels are still relatively weak compared to historic levels, the CML remains hopeful, which could spell good news if you are selling your own home.

During May, a total of 41,500 loans worth £5.9 billion were granted, which marks a rise from 40,800 mortgages approved in the previous month.

Michael Coogan, CML director-general, commented: "There is no evidence of any drastic changes on the horizon or any significant shifts in direction for the mortgage market.

"These stable conditions are expected to continue for the rest of the year."

Fixed-rate mortgages proved the most popular throughout the months as they were chosen by 62 per cent of people, while only 22 per cent opted for tracker products.

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Published on: July 11, 2011

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