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Mortgage lending up on a year ago, says CML
MrRee_2
Posts: 2,389 Forumite
UK mortgage lending picked up in January compared with the same month a year earlier, lenders' figures show.
Gross mortgage lending stood at £10.5bn in January, up 10% on January 2011.
This was the sixth month in a row of higher year-on-year lending, the CML said.
"The improvement in housing and mortgage market sentiment is welcome," said CML chief economist Bob Pannell.
Last week, the Royal Institution of Chartered Surveyors reported that its members expected sales of homes in England and Wales to rise.
What absolutely marvellous news for FTB's up and down the country ... they are clearly able to secure finance and are buying in their droves.
We can all REJOICE at this brilliant news ... we are fast approaching a point of balance between sellers and buyers - sellers selling for what they want and buyers able to pay the increasing prices being asked.
Gross mortgage lending stood at £10.5bn in January, up 10% on January 2011.
This was the sixth month in a row of higher year-on-year lending, the CML said.
"The improvement in housing and mortgage market sentiment is welcome," said CML chief economist Bob Pannell.
Last week, the Royal Institution of Chartered Surveyors reported that its members expected sales of homes in England and Wales to rise.
What absolutely marvellous news for FTB's up and down the country ... they are clearly able to secure finance and are buying in their droves.
We can all REJOICE at this brilliant news ... we are fast approaching a point of balance between sellers and buyers - sellers selling for what they want and buyers able to pay the increasing prices being asked.
Bringing Happiness where there is Gloom!
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Comments
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I'd imagine some of this increase will be from people remortgaging which is hopefully a sign that lenders are becoming more competitive in order to get people off their SVRs and onto mortgage deals.
Once my 3 year mortgage deal is up I might be tempted to get a 10 year fix if the price is right. More competition can only help with this goal.0 -
http://www.youtube.com/watch?v=21Vma_l_AM4
http://www.youtube.com/watch?v=-gYVZhy5J8M
There you are MrRee, watch and enjoy.0 -
shortchanged wrote: »http://www.youtube.com/watch?v=21Vma_l_AM4
http://www.youtube.com/watch?v=-gYVZhy5J8M
There you are MrRee, watch and enjoy.
Completely irrelevant to the thread .....Bringing Happiness where there is Gloom!0 -
Just out of curiosity MrRee, do you think it is time for an interest rate rise now, seeing as this country is booming to prevent the economy from overheating?0
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RenovationMan wrote: »Once my 3 year mortgage deal is up I might be tempted to get a 10 year fix if the price is right. More competition can only help with this goal.
When is your deal up, RenovationMan?
There sure are some great fixed deals around nowadays.
3.19% for a 5 year fix at Chelsea, 3.38% at the Post Office, Norwich & Peterborough offering a 10 year fix at 3.99%, now withdrawn due to popular demand...0 -
Mr._Pricklepants wrote: »When is your deal up, RenovationMan?
There sure are some great fixed deals around nowadays.
3.19% for a 5 year fix at Chelsea, 3.38% at the Post Office, Norwich & Peterborough offering a 10 year fix at 3.99%, now withdrawn due to popular demand...
At the end of my 3 year challenge, so May 2013. A bit to go yet, but it's good to plan ahead. I'll probably start looking in earnest around March 2013 onwards. I'll be looking for a 10 year fix as anything less wouldn't make sense in our case (we won't be moving for 2 decades).0 -
shortchanged wrote: »Just out of curiosity MrRee, do you think it is time for an interest rate rise now, seeing as this country is booming to prevent the economy from overheating?
Just out of curiosity, do you?0 -
Are you going for a repayment mortgage then RenoMan?0
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shortchanged wrote: »Are you going for a repayment mortgage then RenoMan?
What's the point?0 -
RenovationMan wrote: »Just out of curiosity, do you?
No I don't. But then I'm not acting like some raving lunatic, spouting rubbish that the UK economy is booming.
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