Mortgage Lending up

New figures from the Council of Mortgage Lenders (CML) show that overall mortgage lending rose by 7% in October.

The rise brought the overall mortgage lending figure to £18.7 billion – although this was still 44% lower than in October 2007.

The news may raise hope amongst would-be homebuyers that the mortgage market is set for recovery – although the CML indicated this would not happen anytime soon. “Any recovery in lending is also being held back by the continuing shortage of mortgage funding,” commented CML director general Michael Coogan.

A mortgage expert for Think Money said: “Any rise in mortgage lending is encouraging – and 7% is by no means a small rise – but there is still some way to go before banks start offering enough mortgages for the market to show real signs of recovery.

“Nonetheless, mortgages are still available in the meantime – it may just take a little extra effort to find the right mortgage deal. Speaking to a professional mortgage adviser can make that process significantly easier.”

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Think Money work with a panel of lenders to offer a range of mortgages. If you are considering taking out a mortgage, contact one of our expert mortgage advisers today. Looking for a remortgage?

Related articles:

1. October mortgage lending up 7% in October
2. UK Mortgage lending declines 10% in September
3. Mortgage lending falls 70% in one month
4. Mortgage Lending for 2007 Hit Record Levels
5. Mortgage lending rose just £2.9bn in October