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Loan claim: Mortgage lending up

Mortgage lending for the month of January is at its highest rate since 2008.

The Council of Mortgage Lenders (CML) said that 38,300 mortgages were approved in January. This is 10.7 per cent more than January last year.

It is thought that this was driven by the Funding for Lending Scheme (FLS) as first-time buyers are more easily able to gain access to funding.

These results follow on from a poor month in December, when lending was down by 16.6 per cent. This coincides with statistics that loan lending from major banks had dropped by £2.4 billion in the last quarter of 2012.

FLS was set up by the Bank of England as it noticed that banks were reluctant to agree mortgages with prospective homeowners at an affordable rate.

It invested billions of pound in some of the major banks in order to encourage them to offer cheaper loans to first time home buyers.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801557412-ADNFCR

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