Mortgage lending hits 5 year high as market continues to recover

Mortgage Lending Continues To Improve Banks and building societies have released figures today that show that mortgage lending is at a five year high. Gross mortgage lending rose to £17.6bn in October which is up by over 30% on the same in 2012.

Much of this lending has been attributed to the Help To Buy Scheme that is starting to kick in and we be welcomed by the government who are desperate to get the economy moving gain before the next general election in 2015.

These are the first set of figures released since the Help To Buy Scheme was brought forward by three months and show that buyers are keen to take advantage of the flurry of new offers being offered by lenders. The Council Of Mortgage enders (CML) have said that there is renewed confidence amongst first time buyers who are looking to get on the housing ladder. Gross lending has now increased by 37% for the year and looks set to continue to rise.