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Loan claim: CML sees mortgage lending rise 4%

Mortgage lending in April managed to reach highs not seen since before the financial crisis, according to the Council of Mortgage Lenders (CML).

It found that mortgage lending rose four per cent in April, seeing a total of £12.1 billion taken out during this time compared to the previous month where £11.6 billion was acquired for home loans.

This increase in loans falls in line with the same time that chancellor George Osborne unveiled the new Help to Buy scheme in the Budget.

Under the scheme, the government guarantees 15 per cent of a mortgage on new houses worth up to £600,000.

It is hoped that this will encourage more first time buyers into the market by allowing them to take out cheaper mortgages.

On the other hand, there is a fear that the opportunity for cheaper mortgages will drive up house prices and create a housing bubble. This will make it more difficult for people who have not already invested in property to buy into the market.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801588833-ADNFCR

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