UK Money News
8th July 2008
Mortgage lending edged up in May
Mortgage lending recovered slightly during May, but is likely to remain subdued for the foreseeable future, according to the Council of Mortgage Lenders (CML).
New figures from the CML show that in May the number of mortgage deals approved by lenders stood at 52,700.
This represents a four per cent increase from April, but is 44 per cent down from May last year.
Michael Coogan, director general of the organisation, said: "Lending levels continue to be lower than last year and any recovery is still some way away, with little sign of the special liquidity scheme increasing the flow of funds to the industry or lowering the cost of funds as hoped."
Remortgaging, however, was significantly down on a monthly basis, with just 71,000 loans for this purpose during May.
This is 14 per cent decline from April and 23 per cent down compared with May 2007.
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