Mortgage lending 'in good shape'

20-Feb-2007

New data has revealed that mortgage borrowing in January continues to show "robust" growth, which may be of interest to first time buyers.

According to data released by the Council of Mortgage Lenders (CML), mortgage borrowing in January reached £26.8 billion - an increase of 16 per cent from January 2006 - which may reassure first time buyers concerned about a possible downturn in the housing market.

"Mortgage lending kicked-off 2007 in robust shape, and we expect this strength to continue over the next few months," said Michael Coogan, director of the CML.

"Quite how strong it will be later in the year depends on what happens to interest rates," he added.

To find out about the different ways of financing a first home, see our section ‘Affording Your First Home’.

However, January's total borrowing figures are lower than the £28.5 billion recorded in December 2006, a decrease of six per cent.

The CML is a UK-based trade association, with a membership base built from the UK's mortgage lending sector.

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