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Lending up after lull in September

Mortgage lending rose by 6.5 per cent last month to £14.7bn from £13.8bn in September, according to figures from the Council of Mortgage Lenders.
The amount represents gross lending from banks and building societies and is significantly higher than the total of £9.9bn lent in October 2000.
Remortgaging increased as a proportion of total lending to £4.8bn from £4.2bn in September.
This was due largely to the continued downward trend in interest rates, making it more attractive for consumers to renegotiate the terms of their mortgages, says the CML.
Loans for house purchase rose to £8.9bn from £8.7bn in September. A total of 117,000 loans were made for purchase, up from 115,000 the previous month.
Average standard variable rates dropped to 4.87 per cent from 5.05 per cent, while average fixed rates fell to 5.64 per cent from 5.82 per cent in September.
First-time buyers borrowed an average of 78 per cent of their property value or 2.43 times their income. Former owner-occupiers received an average advance of 64 per cent of the value of the home or 2.13 times their salary.
CML director general Michael Coogan says: “Mortgage lending increased in October after a lull in September. Lending levels are holding up but are lower than during the summer peak, which is expected at this time of year.
“It is still too early to tell how marked the effect of the slowing economy will be on mortgage lending although the CML expects a cooler housing market in 2002.”


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