Growth in mortgage lending 'is still happening'

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Growth in mortgage lending is continuing to take place despite the credit crunch, according to an expert.

Pauline McCallion, editor of the Your Mortgage website, has stated that it is growing at a slower rate than usual but added that the biggest change is that the bulk of lending is now related to remortgaging.

She went on to explain that the media and confidence plays a big part in the mortgage market and added it is difficult to say whether the sector is finding its feet.

"We're looking at the availability of funding to banks and building societies for mortgage lending," she said.

"That plays a big part in what they can lend to consumers and that is why they are being quite picky at the moment about how much they lend and who they are prepared to lend to."

Recent research by Moneyfacts found that 60 per cent fewer mortgage deals were available in March when compared to last year.

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