Mortgage lending breaks July record

Another survey, released today by the Building Societies Association, shows that building societies are lending less compared with July last year. The latest CML data shows that gross lending for July 2007 reached £34.4bn, 13% higher than July 2006 and just 1% less than the £34,847 of lending made in July. Commenting on the findings, the CML says: “Mortgage lending remains robust despite the five interest rate rises since last August - although we have yet to see the full impact of higher rates. Lending is currently being fuelled by a large number of people remortgaging to better deals in...