Mortgage lending increases in May

Date:Friday 18th June 2010
Author: Max Freedman

The amount of money loaned out by mortgage providers in May increased compared to the previous month.

According to the latest figures from the Council of Mortgage Lenders (CML), the total sum was up seven per cent compared with the figures recorded for borrowing in April.

Last month, a total of £11.3 billion was loaned out to people looking to make progress on the property ladder, which was up ten per cent on the £10.5 billion handed out by the institutions in May 2009.

However, the CML added that the market overall remains subdued and turnover is lower than the amount of lending that was being seen at the end of last year.

Increasing numbers of first-time buyers may be finding that they can get on to the property ladder due to a new ten-year fixed-rate product which has been released by Yorkshire Building Society and has been praised by