Figures released today by the Council of Mortgage Lenders (CML) showed gross mortgage lending totalled £25£5bn in May, down 2% from £26.1bn in April. However, there has been a 19% drop since May 2007, when gross lending hit £31.5bn. According to the CML, although the monthly lending levels continue to be well below similar figures from last year, they remain at "good" historic levels. It cited recent data from the Bank of England, which showed this pattern will continue in coming months, with lending activity focused mainly on the remortgage market.

Full story: yourmortgage.co.uk