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PPI refunds: Gross mortgage lending declined in January

Those currently seeking out PPI refunds could be interested to find that gross mortgage lending declined in January.

Figures released by the Council of Mortgage Lenders (CML) revealed that gross mortgage lending declined to an estimated £9.2 billion in January.

This represents a drop of 13 per cent compared to December, when lending stood at £10.6 billion.

However, these figures also reveal that gross mortgage lending has increased by five per cent compared to January 2010.

Peter Charles, CML economist, said in today's CML market commentary: "The Bank of England's Inflation Report this week noted that the UK banks face a significant funding challenge over the next couple of years.

"Even in the unlikely event of a marked upturn in mortgage demand, the level of activity in the mortgage market can be expected to remain constrained."

Mr Charles added that mortgage lending experienced in the mid 2000s is unlikely to return.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.
 ADNFCR-2776-ID-800414728-ADNFCR



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