Third quarter mortgage lending up by 15%
on the second quarter of 2011

The Council of Mortgage Lenders has released new data, showing that gross mortgage lending was an estimated £12.9 billion in September. This represented a 2% decrease from the £13.1 billion lent in August but was 4% higher than September 2010 (£12.4 billion).

Gross lending for the third quarter of 2011 (July, August and September) was therefore an estimated £38.6 billion, a 15% increase from the £33.5 billion recorded in the second quarter of this year (April, May and June) and a 2% increase from the third quarter of 2010 (£37.9 billion).

Both house purchase and remortgage lending have held up well in September, but the short-term economic prospects for the UK are not good. The latest spike in inflation and continuing high unemployment figures, coupled with the financial instability of the eurozone, mean that it is more important than ever to get professional, independent advice on how to best manage your finances through this uncertain time.