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Record January for mortgage lenders
Mon, 20 Feb 2006
Mortgage lenders reported record figures for January, it has been revealed.

The Council of Mortgage Lenders published figures detailing the highest figure on record for mortgage lending in the first month of a year, with gross mortgage lending for last month amounting to £23 billion.

Although this mortgage amount is 14 per cent lower than the total recorded for December, it is almost a third up from January last year.

Mortgage lenders usually report lower figures at the start of a year, as it is traditionally a slower period for house buying, the Council of Mortgage Lenders states.

However, January's mortgage lending figures reflect "robust" activity, which has been put down to consumer confidence and expectations that interest rates will remain stable.

Michael Coogan, director general of the Council of Mortgage Lenders, says most new borrowers are choosing fixed-rate mortgages "to provide payment certainty at affordable cost".

He says the mortgage market looks "set for continued steady growth against a backdrop of pretty positive economic conditions".

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