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February records revealed on buy-to-let mortgage lending

22/03/2007

The complete total mortgage lending in the United Kingdom hit record levels on February, the sums showed the greatest February on record despite a little decline on regular maximums.

CML the Council of Mortgage Lenders put forward new data indicating that 24.6 billion pounds of mortgage lending was generated during February; this is a staggering nine per cent more than last year 2006 February period.

It shows the positive side of the mortgage market and gives people a general idea of how good the market is taking off, this leading more people to invest in the property market. January was a better month than February via mortgage lending this was thought to be the conclusion due to interest rates rising.

Michael Coogan , CML director feels that a great February is indicative of onward movement in people buying more houses.

"This is the highest February lending figure on record, and reflects the continuing strength of the market and the strong desire of many people to get a foot on the property ladder or move house," he commented.

The total gross mortgage lending may hit a high target of 163.360 billion during 2007 period.


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