23
Jul
CML releases June lending figures
The Council of Mortgage Lenders (CML) has released details of gross
lending for June 2009.
Figures show the second quarter of the year experienced no change
from the first in terms of the amount of money borrowed, as it once
again totalled £33.3 billion.
Despite this remaining the lowest quarterly reading since the first
period of 2001, economist at the CML Paul Samter, has an optimistic
outlook.
He explained: "The pick-up in June's lending largely reflects
seasonal factors, and these may well support lending volumes at
moderately higher levels over the rest of the summer."
Mr Samter also said that the organisation's forecast for gross
mortgage lending remains unchanged at £145 billion for
2009.
Rob Simpson, managing director at Simpson Financial Services
Limited, recently advised people to opt for mortgages with both
tracker and fixed-rate elements to them.
This is because the financial future of the UK is still uncertain
and Brits need to be cautious about future changes in interest
rates.
