Mortgage lending decreases

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Mortgage lending just over 12 months ago was sitting at around 10 times the current amount, with a dive of a huge 60% in January .
Hopefully, the pressure Northern Rock is putting on other banks to lend more, will spur some of the main competitors into action.

Mortgage lending decreases

Mortgage lending dived by more than 60% during January to just one 10th of its level 12 months ago, figures showed today.
Net mortgage lending, which strips out redemptions and repayments, was £690 million during the month, down from £1.79 billion in December, according to the Bank of England.