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Gross mortgage lending by mutuals was £2.0 billion in July, the highest monthly figure so far this year, and 11% higher than the £1.8 billion lent in June. Mortgage approvals made in July amounted to £1.9 billion, the same as in June.
 
Commenting on the figures, Adrian Coles, Director-General of the BSA, said:
 

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.

The proportion fell to 9.3%, the lowest share anywhere in the UK since 1996.

The rise in capital gains tax for higher rate tax payers in tandem with the recent drop in house prices has seen confidence amongst buy-to-let investors stumble over the last three months. This is according to Moneyfacts.co.uk

Despite a slight improvement in buy-to-let lending over the last quarter, the latest quarterly survey from LSL Property Services also suggests that the amount of available buy-to-let finance will remain constricted until at least the end of 2012.

Gross mortgage lending totalled an estimated £13.6 billion in July, a 5% increase from £12.9 billion in June but down 3% from £14 billion in July 2009, according to new data from the Council of Mortgage Lenders.

In yesterday’s market commentary, CML economist Paul Samter said:

The number of properties taken into possession by first-charge mortgage lenders continued to fall in the second quarter of 2010, according to the latest data from the Council of Mortgage Lenders.

There were 9,400 repossessions (down from 9,800 in the first quarter and 11,800 in the second quarter of 2009).

48% of new borrowers took out a fixed rate mortgage in June, the highest proportion so far in 2010, according to new data from the Council of Mortgage Lenders.

Fixed rates had proved unpopular this year compared to the last several years due to an historic low bank rate with little prospect of the rate rising. But with fixed rate prices falling they are starting to find favour again.

Today's first time buyer entering the housing market will borrow more money and raise a larger deposit than at any other point over the past 25 years, with the price of a first home now 4.6 times higher than the average gross salary in the UK.

This growing financial commitment means that it is more important than ever for first time buyers - who account for 38% of all house purchases in the UK - to be able to sift through the mass of information available and ensure they can make educated choices about their house purchase - from considering whether to rent or buy, through to putting in an offer, exchanging contracts and moving in.

Despite worries over the state of the British economy, green shoots of recovery have set a firm foothold within the mortgage market.

In the first half of this year, professional advice website unbiased.co.uk, recorded a 24% increase for consumers looking for advice from a whole of market mortgage broker, compared to the same period in 2009.

Concerns over the planned withdrawal of the Special Liquidity Scheme and its impact on lending are examined in the latest Quarterly Economic Bulletin from the Association of Mortgage Intermediaries.

The Bulletin also forecasts that measures intended to reduce the structural deficit will continue to be a drag on the economy.

Citizens Advice has responded to the Coalition Government announcement on support for struggling homeowners.

Head of Consumer Policy Sue Edwards said: