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Most people should stay on top of their finances
New data from the Council of Mortgage lenders ( CML) confirms that gross mortgage lending increased in July by 5% compared to the previous month.
Gross mortgage lending totalled an estimated £13.6 billion in July, from £12.9 billion in June but down 3% from £14 billion in July 2009.The new data suggests that lending remains on track to meet the new revised forecast, published earlier this month, of £140 billion for the year as a whole.
Whilst there has been news of cut backs and slow downs, most people have continued to benefit from low mortgage rates which will help many people to stay on top of their finances.
CML economist Paul Samter commented “It is difficult to see anything other than a slow market for the rest of this year as underlying activity remains subdued. The rest of 2010 is likely to see rather lower lending and transaction numbers compared to the same period last year. Late 2009 saw a pick up as some home buyers looked to move before the end of the first stamp duty holiday.
“But for most home owners, the situation is not that bleak. The vast majority of households continue to pay their mortgages in full every month, and many have benefited from the record low interest rates. This looks set to continue for some time yet.
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