From 1st July the Council of Mortgage Lenders is integrated into a new trade association, UK Finance. For the time being, all UKF mortgage information will continue to be published on this website, and UKF member-only mortgage information will only be available here.

UK Finance represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation takes on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. Please go to for wider content and updates from UK Finance.

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Gross mortgage lending declines in January 2015

Published: 19 February 2015

The Council of Mortgage Lenders estimates that gross mortgage lending reached £14.3 billion in January. This represents a 14% decrease from December’s gross lending total (£16.6 billion) and is 11% lower than the £16.1 billion lent in January last year.

Commenting on market conditions, CML chief economist Bob Pannell says:

"The softer pace of approvals through the second half of last year contributed to the relatively weak pace of mortgage lending in January. Although seasonal factors will continue to weigh on activity levels for a while longer, we expect the underlying picture to pick up over the coming months, in line with stronger earnings and employment, gentle interest rate trends and recent stamp duty changes.

"As we forecast at the end of last year, gross mortgage lending remains on course to reach an expected £222 billion this year."

Notes to editors

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 95% of all residential mortgage lending in the UK. There are 11.1 million mortgages in the UK, with loans worth over £1.3 trillion.

2. The Council of Mortgage Lenders does not publish statistics for mortgage approvals. The data in our monthly mortgage lending press release and gross lending press releases relate to mortgage advances only. A mortgage approval is the firm offer to a customer of a specific amount of credit secured against a particular property. A mortgage advance is the total amount of loan actually provided to the buyer, by the lender.

3. Next month's gross mortgage lending press release will be published on Thursday 19 March 2015.

4. The full February market commentary can be read in today's issue of CML News & Views and on the market commentary section of the CML website.

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