Mortgage lending at record high in June

This is due to seasonal effects and borrowers' response to higher interest rates, the CML says. However, although lending in June was up by 9% on May, this was a lower monthly increase for June than in each of the last two years (12% in 2006 and 15% in 2005). The CML expects to see strong levels of lending continue into the autumn, reflecting the growth in mortgage approvals over recent months and more borrowers exiting short term fixed-rate deals. It anticipates the mix of transactions will change to a higher percentage of remortgaging, to minimize potential payment shock, and lower nu...