Mortgages  

Lending hits highest level for six years

The lender trade body said it was the highest total for an April since 2008, when lending was £25.7bn.

CML chief economist Bob Pannell said: “The implementation of the mortgage market review from late April has made it a little harder to interpret recent data.

“As we have pointed out previously, there may be some disruption to the monthly pattern of activity while MMR procedures bed down.”

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The figures came after the Bank of England signalled that macro-prudential measures to limit the housing market upturn were likely in the near future.

Mr Pannell added: “Forthcoming measures will, in our estimation, be careful, calibrated, and proportionate, and designed to reinforce prudent affordability checks rather than to apply the brakes to the housing market in a more dramatic fashion.”

Adviser view

Mark Harris, chief executive of London-based mortgage broker SPF Private Clients, said: “Fears are growing that Bank of England governor Mark Carney’s comments about the need to cool parts of the housing market will impact the ability of some borrowers to get a mortgage.”