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Interest rate cuts `were not anticipated by consumers` Nearly half of young mortgage holders `need help from family` Abbey cuts mortgage rates New arrears guidance issued by CML Mortgage fraud `on the up` CML expresses concerns over sale and lease back schemes Business groups call for further rate cuts Interest rate cut `will help some struggling borrowers` Mortgage approvals `hit by continued market uncertainty` Company reduces rate of home loans Mortgage rates `to rise` Consumers `will be hit by reduced credit` `Nearly £20k` needed to secure a mortgage Borrowers urged to take advantage of good mortgage deals Mortgage lending falls in August Variable-rate mortgages `increasingly appealing to homeowners` Parents `relying on loans to cover school fees` Further mortgage rate cuts announced Remortgaging `on the rise` Mortgage lenders call for swap plan renewal

New July high for mortgage lending

21/08/2007

Mortgage lending reached a record high for the month of July, according to figures released yesterday.

The Council of Mortgage Lenders (CML) revealed that borrowers were rushing to remortgages their homes due to rising interest rates, although the CML warned that the market had yet to see the full effects of five interest rates in 12 months.

Mortgage lending reached £34.4 billion for the month of July, down one per cent on June but a 13 per cent increase on mortgage lending in the same month last year. Figures from the CML state there are 11.7 million home loans in the UK, worth over £1.1 trillion.

A statement from the CML said: "As we move into the autumn the cumulative effects of these rate rises will become more pronounced and we expect this to feed through to lower levels of mortgage lending as the year progresses."

In separate figures released yesterday, the British Bankers` Association reported a £5.7 billion rise in mortgage loans for the six months to June, while credit card borrowing dropped by £0.1 billion.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according