Lending soars to eight-year high in 2016

Mortgage lending hit an eight-year high in 2016 as consumers made the most of record low interest rates.

A total of £246m was lent last year, 12% up on 2015’s total and the highest level since 2008, according to the Council of Mortgage Lenders (CML).

The growth in lending looks set to continue into 2017, with mortgage approvals for both house purchase and remortgaging rising in December, according to the British Bankers’ Association (BBA).
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