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Loan charges: mortgage lending has declined

The amount of mortgage loans taken out showed a nine per cent drop in January, with the total amount of loans taken out valued at £10.4 billion.

These figures were reported by the Council of Mortgage Lenders (CML), who said that this is the lowest amount taken out in mortgage loans since April last year.

Rising costs of inflation were named as one of the reasons why consumers were opting against taking out a mortgage due to uncertainty that they could afford it.

However, the CML says that it expects the amount of mortgages taken out to rise again as the housing market is expected to pick up this year and there are lower interest rates available on a range of deals.

Consumers are also able to acquire cheap mortgage loans with greater ease under the government’s Funding for Lending scheme. This scheme saw the government pay £60 billion to banks and building societies in order to ensure that they would allow their customers to take out loans.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801543745-ADNFCR

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