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Lending in July hits record £21.8bn

Mortgage lending in July totalled a record £21.8 billion, up 41 per cent from £15.5m reached at the same time last year and up from £17.1bn in June according to the latest figures from the Council of Mortgage Lenders.

It says with fears of interest rates rises receding 82 per cent of borrowers opted for variable rate loans, up from 66 per cent last July.

Loans for house purchase in July formed 58 per cent of total loans, while remortgages accounted for 36 per cent.

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