(1888PressRelease)
May 21, 2007 - Figures released by the Council of Mortgage Lenders (CML) show gross mortgage lending reached £31.3 billion in March - an all-time high for the month and ten per cent more than the equivalent figure last year.
It also represents a 22 per cent increase on February lending levels.
However, the CML's director general Michael Coogan is unconvinced that this pattern will continue, especially given the prospect of an interest rate rise in the near future.
"This is the highest-ever March lending figure," Mr Coogan said.
"It is clear that many borrowers are taking sensible steps to shelter against higher mortgage costs.
"There is still a question mark over just how strong mortgage lending will be over the coming months as the prospect of higher interest rates takes its toll on demand.
"But, we continue to expect mortgage lending to reach a record £360 billion this year," he added.
Julian King, director of quick sale property company National Homebuyers says: "We are already receiving high numbers of enquiries from people who are panicking about their potential mortgage payments, regardless of whether they have taken appropriate steps in time, or not.
"It's important for consumers to understand that there are solutions - like National Homebuyers - available before people feel the full force of further interest rate rises.
"National Homebuyers offers a 'sell and rent back' solution that allows people to release equity in their property, while remaining in their home as a tenant."
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