Bradford & Bingley responds to CML figures

Bradford & Bingley has commented on the latest Council of Mortgage Lenders lending figures.

Duncan Pownall, mortgage development manager for Bradford & Bingley, says: “Despite a slight dip of 3% in this months CML gross lending to 27bn, Octobers is one of the highest monthly lending figures on record. Indeed, it is close to the lending peak we experienced two years ago.

“These healthy lending levels are largely as a result of remortgaging. Many of 2003s fixed rate borrowers have remortgaged onto more competitive products as their deals have come to an end.

“Also, encouragingly, the continuing recovery in house buying activity has bolstered figures once more. We expect the market to remain stable as house prices continue to steady with the MPC holding rates at 4.5%.”