Lower rates boost mortgage lending to its highest level for 11 months, CML reports | Mail Online

Lower rates boost mortgage lending to its highest level for 11 months, CML reports | Mail Online
A fresh burst of low interest rate deals has tempted home buyers and remortgagers and lifted lending to its highest level in almost a year, new figures show.

The Council of Mortgage Lenders said it has spotted 'signs that the market weakness of recent months may be coming to an end', as lower mortgage rates filter through following the launch of the Bank of England’s cheap funding scheme.

Gross mortgage lending was estimated to be 4 per cent higher in October than the same month last year, at £12.9bn, the highest level for 11 months, although it is still running at about half the level seen before the financial crisis hit.