There was a rise in mortgage lending in October, marking a 13 per cent increase compared to the same month of 2010.
Gross mortgage lending totalled approximately £13.1 billion during the month, the Council of Mortgage Lenders (CML) revealed, which was a four per cent fall on September figures.
CML chief economist Bob Pannell commented: "The immediate direction of house purchase activity is a little unclear, although the story for remortgages, with strong year-on-year increases in activity this year, is for the time being more straightforward."
He noted that there has been little change in the mortgage market over recent weeks, but this may change once the government's housing strategy has been announced.
Editor of What Mortgage Ben Wilkie recently explained that fixed-rate mortgages are now likely to be at their lowest rate, although long-term deals may still fall further.
Anyone considering a fixed-rate product is advised to act as soon as possible to secure the best deal. |
0 comments
