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Mortgage article 16:Lending Remains Buoyant in February Despite Decline in Remortgaging
Wednesday 20 March 2002
Levels of mortgage lending remained strong in February, despite a decline in remortgaging, according to figures from the monthly CML/DTLR Survey of Mortgage Lenders, based on mortgage completions from both banks and building societies.
Gross lending amounted to £13 billion in February, compared with £13.4 billion the previous month and £9.4 billion in February 2001. Loans for house purchase rose modestly to £6.8 billion, from January's total of £6.7 billion. But remortgaging declined to £5 billion in February, compared to January's record total of £5.6 billion.
The average rate of interest edged up to 4.7% in February (from 4.68% in January). The average new variable rate was 4.41% (compared to 4.39%) and the average new fixed rate was 5.19% (compared to 5.14%). Fixed-rate products declined slightly in popularity, following a sharp rise in January. They comprised 37% of new loans in February (compared to 39%).
The number of loans for house purchase totalled 90,000 in February, unchanged from the preceding month - 39% were to first-time buyers, compared to 40% in January. On average, first-time buyers borrowed 79% of the value of their properties and 2.53 times their income. Former owner-occupiers borrowed an average of 68% of the value of a property, or 2.31 times their income.
Commenting on the figures, the CML's Director General Michael Coogan said: Next page
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