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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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