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Mortgage article 7:Mortgage lending sets a new record
Tuesday 21 May 2002
Mortgage lending reached a new peak in April when gross advances totalled £16.9 billion, according to the latest estimates from the monthly CML/DTLR Survey of Mortgage Lenders based on mortgage completions from both banks and building societies.
Lending rose from March's revised total of £16.1 billion, and was substantially higher than the £11.6 billion in gross advances recorded last April. The value of loans for house purchase declined slightly to £8.8 billion or 52% of gross advances (£9 billion and 56% in March) but remortgaging once again grew strongly to a new record of £6.9 billion or 41% of advances (£6 billion and 37% in March).
The number of loans for house purchase declined slightly to 108,000 in April, compared to 111,000 in March, but there was a modest recovery in lending to first-time buyers, which comprised 45% of the total (38% in March). The average rate of interest increased slightly last month, from 4.68% to 4.73%. The average variable rate rose from 4.43% to 4.56% but the average fixed rate fell from 5.27% to 5.12%.
Affordability for first-time buyers was similar to March, with advances averaging 79% of the property's value or 2.51 times income. Former owner-occupiers borrowed an average of 64% of the value of a property or 2.38 times their income.
Commenting of the figures, the CML's Director General Michael Coogan said: Next page
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