Gross lending falls

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Gross lending in the UK fell by two per cent in May compared to the previous month, according to new figures.

Research by the Council of Mortgage Lenders (CML) found that the total amount of lending in the month stood at £25.5 billion, which was also 19 per cent lower than the same period last year.

According to the body, the majority of lending activity also focused primarily on the remortgage market.

Michael Coogan, director-general of CML, said: "The remortgage market remains on track to meet our forecast for growth this year, demonstrating the resilience of the market despite recent bad news."

He added that the market was still waiting for the "first signs of the Bank of England's Special Liquidity Scheme indirectly helping to ease the current logjam".

Previous research by the CML found that the proportion of mortgage borrowers taking out fixed rate products increased during April.

The same study found that the average first-time buyer also put down a deposit of 13 per cent during the month.

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