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July sees increase in gross mortgage lending

24 August, 2018

New figures out today show that gross mortgage lending increased by 7.6% in July 2018 to £24.6bn, ahead of August’s base rate rise.

According to UK Finance, mortgage approvals by the main high street banks fell by 0.8% year-on-year, although remortgage approvals actually rose by 2.8%.

Peter Tyler, director at UK Finance, says: “July saw steady growth in gross mortgage lending, driven largely by remortgaging as homeowners locked into attractive deals in anticipation of the recent base rate rise.”

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