Mortgage lending falls in September
Mortgage lending fell slightly in September, according to the latest data from the Council of Mortgage Lenders (CML).
Some 48,200 mortgages were taken out in the month, worth £7.1 billion - that's a 2% drop in the number of mortgages and a 5% fall in value compared to August. But in comparison to a year ago the numbers are up.
The number and value of mortgages granted are 3% higher than in September 2010.
The number of remortgages has also fallen compared to August. But 34,200 remortgages were granted in September worth £4.3 billion, that's a 25% increase on the same time last year.
"Although both house purchase and remortgage loans experienced a small drop in September the overall market to date shows a stable picture," says Paul Smee, director general of the CML.
"Given the hugely challenging economic climate we're in, the mortgage market is proving relatively robust," adds William Hunter, director of Hunter Wealth Management.
"The healthier remortgage numbers are a direct reflection of the extremely competitive products on the market at present."