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Gross mortgage lending up in May

Tuesday, 21 June 2011 11:52 AM

The total amount of money borrowed from mortgage lenders showed marginal improvements last month.

According to the latest estimated figures from the Bank of England’s Council of Mortgage Lenders (CML) Research index, the total lent in May increased year-on-year and month-on-month.

The report said the gross total of mortgage lending stood at £11.3 billion last month, up from £10.1 billion the previous month and £11.2 billion in May 2010.

However, some predictions suggest that the gains will be short lived.

Paul Hunt, managing director of Phoebus Software, said: “May’s rise in gross lending has been primarily driven by increasing remortgage activity, as high inflation put a rate rise back on the agenda.

“That rise now looks rather more distant and it’s probable the heat will go out of the market for remortgages until borrowers again start to worry about their repayments getting more expensive.

“Nevertheless, it would be foolish for borrowers to ignore the current price of fixed rate deals.

“Lenders are pricing mortgages more and more competitively, which is an indicator of increasing confidence.

“Taking advantage of this burgeoning price war could be the smartest move for borrowers looking to maintain the benefits of low rates for years to come.”

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