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Mortgage article 16:Lending Remains Buoyant in February Despite Decline in Remortgaging; page 2
"Lending remained buoyant in February, even though remortgaging fell from January's record figure. Remortgaging still accounted for 38% of gross lending, above its historic level of 30%. It is likely to remain popular for the foreseeable future. The discounts that are available continue to bolster the popularity of variable rate loans, despite the attractions of locking into fixed-rate mortgages. This may also reflect the increased cost of fixed rates, due to market expectations that the next interest rate move will be upwards.
"Rising house prices are continuing to make affordability a little more difficult for both first-time buyers and former owner-occupiers, but we still expect the rate of increase in prices to slow as the year progresses."
Note to Editors
1. The Survey of Mortgage Lenders (SML) profiles lending across the mortgage market based on completions
from more than 50 lenders, including both banks and building societies.
2. The SML is a continuous monthly survey produced jointly by the Council of Mortgage Lenders (CML) and
the Department of Transport, Local Government and the Regions (DTLR). It is based on 5% of mortgage completions and is grossed up to represent the whole of the mortgage market.
3. The next monthly SML release will be published on 19 April and will include figures up to and
including March 2002.
4. The CML's members are banks, building societies and other lenders who together undertake over
98% of all the mortgage lending in the UK. There are more than 11 million mortgages outstanding in the UK,
worth a total of more than £590 billion. For further information, visit the CML website at http://www.cml.org.uk. End of article - Back to mortgage articles list
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