Home movers in Scotland in the second quarter of 2010 needed to use less of their income to cover their mortgage interest than anywhere else in the UK, according to new data by the Council of Mortgage Lenders.
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Latest Bank of England lending data for June confirms that a quiet mortgage market is set to remain into the autumn.
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Gross mortgage lending in June was an estimated £13.1 billion, a 15% increase from £11.4 billion in May and a 7% increase from £12.2 billion in June last year, according to new data from the Council of Mortgage Lenders.
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In response to the FSA’s consultation paper on responsible lending, the Council of Mortgage Lenders emphasises that the mortgage industry recognises the inevitability of regulatory change – but points out that there may also be unwelcome side effects for consumers from this process.
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Borrowers moving home in May saw their mortgage interest payments accounting for the lowest proportion of their income in 35 years, according to new data from the Council of Mortgage Lenders.
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The Council of Mortgage Lenders has responsed pragmatically to a Budget that will impact on the housing market, but which contains few surprises given the wide trailing of the “tough measures” that the Chancellor imposed.
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The average rate on two year fixed rate mortgages has fallen to 4.52%, its lowest level since September 2003, when the average stood at 4.51%, research from Moneyfacts has said.
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