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Amount of mortgage debt taken on increases in February

19/03/2010

According to figures from the Council of Mortgage Lenders (CML), the amount of mortgage debt taken on increased in February, after falling by a third during January, the Telegraph reports.

Around £9.2bn of mortgage debt was taken on during the month - 6% more than the figure recorded in January, when lending levels `were hit by the end of the Government`s stamp duty holiday`.

The CML said is it `unusual` for the amount of mortgage debt taken on to increase in February, but it `unsurprising` this year as figures from the previous two months were `distorted by the change to the stamp duty threshold`.

Despite the increase, the amount of debt taken on during February was still the second-lowest level in ten years.

The CML states that although lending levels were low during January and February, the figures are `broadly in line with its forecast that lenders would advance a total of £150bn during the whole of 2010`.

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