Mortgage Lending Up
Published / Last Updated on 18/11/2009
by Ashley Clark, Director
The Council of Mortgage Lenders (CML) has confirmed that mortgage lending was up by 5% in October compared to September but is still down by 27% compared with the same time last year.
Much of the down turn is believed to be from the re-mortgage market where many are reluctant to re-mortgage away from variable rates after the end of their fixed periods given interest rates are so low.
We urge caution here as we expect interest rates to rise next year in 2010 by say 1.5% with possibilities of further rises in 2011. Preparing early may protect you from interest rate risk.
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