A report* by the Council of Mortgage Lenders (CML) has found that borrowing for property purchases was up 5% month-on-month in November, when compared to 2015’s figures – totalling 60,800 mortgages.
A whopping £11 billion was borrowed by homeowners purchasing a property in November, which equates to a 2% increase in borrowing year on year.
The recent figures also show that first-time buyer borrowing has risen, up 9% compared to November 2015, which totals £4.7 billion from 30,100 loans.
Paul Smee, director general of the CML says “lending remained resilient through regulatory and political change and aspirations for home-ownership remain strong in the UK.”
While these numbers are large, they represent a small portion of the 11.1 million mortgages in the UK, with a total loan value over £1.3 trillion!
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