Mortgage lending still weak according to CML
Mortgage lending was still weak in the UK according to the Council of Mortgage Lenders (CML).
Over the last few months there were signs that the UK was past the worst period for the housing market and that property prices were more stable. But the CML has said that mortgage lending volumes remain low.
The CML commented: "A small increase in house purchase activity has been offset by low remortgaging levels. Despite media reports, there is little evidence that borrowers, in aggregate, are taking advantage of low interest rates to pay down mortgage debt."
These comments by the CML were made as part of their monthly market commentary that provides analysis regarding up-to-date developments in the mortgage market.
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