The total amount of money borrowed last month broke February records, according to the latest figures from the Council of Mortgage Lenders, in news that may be of interest to people looking to find a remortgage deal.
Data from the organisation, which represents the interests of mortgage lenders across the UK, indicates that mortgage lending in February 2007 stood at £24.6 billion.
To put this into context, this is nine per cent higher than the £22.5 billion borrowed in the same month of 2006.
Michael Coogan, director general of the Council of Mortgage Lenders, said that the figures highlighted the buoyancy of the property market at the moment.
"This is the highest February lending figure on record and reflects the continuing strength of the market and the strong desire of many people to get a foot on the property ladder or move house," he said.
Last weekend, the Guardian published a feature on the extreme mortgage solutions that some homeowners are turning to in order to purchase their first home.
Mates mortgages, 100 per cent-plus mortgages, extended-term mortgages and shared-ownership mortgages were all covered in the article.
Council of Mortgage Lenders reports record February
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Council of Mortgage Lenders reports record February
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