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Loan repayments: Gross mortgage lending dropped in December

Gross mortgage lending decreased in December compared to November, the Council for Mortgage Lenders (CML) has announced.

The CML revealed that gross mortgage lending was an estimated £11 billion in December, a drop of six per cent compared to November.

Furthermore, this figure represents a drop of 18 per cent compared to December 2009.

Peter Charles, economist at the CML, said: "Money market rates have recently moved higher in anticipation of a rise in base rate and some lenders have recently reflected these increases in their product pricing.

"Against this backdrop, consumer demand may be weaker than we would otherwise have expected."

He added that higher interest rates will also hit a number of existing borrowers.

In total, gross mortgage lending stood at £136.3 billion in 2010, which was above the annual forecast of £135 billion, but was down on 2009's figure (£143.3 billion).

This means lending in 2010 was at its lowest level since 2000.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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