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Homeowners received more financing support from mortgage lenders
Homeowners received more financing support from mortgage lenders in March 2007 than in any previous month on record, it has been revealed.
According to figures from the Council of Mortgage Lenders, this represents the interests of 98 per cent of the UK’s mortgage lenders, gross mortgage borrowing hit £31.3 billion last month.
By way of comparison, this is 10 per cent more than the £28.3 billion taken out 12 months previously.
Following publication of the mortgage figures, Michael Coogan, director-general of the Council of Mortgage Lenders, has predicted what housing trends will emerge later this year.
"There is still a question mark over just how strong mortgage lending will be over the coming months," he said.
"But, we continue to expect mortgage lending to reach a record £360 billion this year."
Recently, financial services provider Yorkshire Bank Mortgages conducted a study into the awareness of moving costs among first time buyers.
Among the discoveries, it was revealed that 92 per cent of first time buyers forgot about the financing cost of moving furniture to their new home, while 44 per cent did not factor in expenses such as stamp duty tax and legal fees. |
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