Mortgage lending is unlikely to fall further

The latest mortgage figures support the prediction that gross lending is unlikely to fall further, those seeking a cheap mortgage may be pleased to learn.

Ray Boulger, senior technical manager at John Charcol, said that the March figures are "encouraging" but said that there is unlikely to be any noteworthy rises in the near future.

His comments follow an announcement from the Council of Mortgage Lenders which revealed that gross mortgage lending increased by 21 per cent in March, compared to February's figures.

"We are not seeing any significant increases in activity, but equally we seem to have hit a nadir in so far as it is not falling any further. I would expect it to be bumping along at these sorts of levels for the next few months," Mr Boulger explained to those shopping around for cheap mortgages.

He said that while one has to bear seasonal variations in mind and not read too much into the figures, he conceded that the rise is an encouraging sign that confidence among lenders is increasing.

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2011-04-21 12:59:09 © Moneyextra.com