Lending remains 'very low' despite Feb perk - CML

Loans for house purchases rose to 24,300 in February, up by 4% compared with January, but the CML warns activity in the market was still at a "very low level historically". Remortgaging dropped off with 35,000 remortgage loans, down from 44,000 in January - a decline of 20%. The body predicted demand for remortgaging to remain low because lenders' SVRs remain attractive compared to new mortgage deals, adding that house price falls continue to erode equity levels which will exclude some borrowers from the best remortgaging deals available to those with large deposits. Loans to first-ti...