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CML reports record lending in July

Gross mortgage lending reached its highest ever figure for July last month, totalling £34.4bn, says the Council of Mortgage Lenders.

This figure was down 1 per cent on the figure for June, which totalled £34.85bn, but it was 13 per cent higher than the June figure for 2006, which was £30.6bn.

The CML says mortgage lending remains robust despite the five interest rate rises since last August but says we have yet to see the full impact of higher rates.

A CML spokesman says: “Lending is currently being fuelled by a large number of people remortgaging to better deals in case rates go any higher.

“As we move into the autumn the cumulative effects of these rate rises will become more pronounced, and we expect this to feed through to lower levels of mortgage lending as the year progresses. We still believe, however, that we are on target to reach a record £360bn of mortgage lending this year.”

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