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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

New July high for mortgage lending

21/08/2007

Mortgage lending reached a record high for the month of July, according to figures released yesterday.

The Council of Mortgage Lenders (CML) revealed that borrowers were rushing to remortgages their homes due to rising interest rates, although the CML warned that the market had yet to see the full effects of five interest rates in 12 months.

Mortgage lending reached £34.4 billion for the month of July, down one per cent on June but a 13 per cent increase on mortgage lending in the same month last year. Figures from the CML state there are 11.7 million home loans in the UK, worth over £1.1 trillion.

A statement from the CML said: "As we move into the autumn the cumulative effects of these rate rises will become more pronounced and we expect this to feed through to lower levels of mortgage lending as the year progresses."

In separate figures released yesterday, the British Bankers` Association reported a £5.7 billion rise in mortgage loans for the six months to June, while credit card borrowing dropped by £0.1 billion.

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