Released on = January 20, 2006, 10:01 am

Press Release Author = First Mortgage Trust

Industry = Consumer Services

Press Release Summary = Gross mortgage lending fell by 6% in December to an
estimated £26.3 billion according to the latest data from the Council of Mortgage
Lenders. this is the strongest figure for December on record.

Press Release Body = Gross UK mortgage lending fell by 6% in December to an
estimated £26.3 billion according to the latest data from the Council of Mortgage
Lenders. However, this was 25% stronger than the £21 billion achieved in December
2004 and is the strongest figure for December on record. The figures also show that
gross lending in 2005 totalled £287.5 billion, down by only 1% on the record £291.2
billion in 2004.

Lending typically declines towards the end of the year, but the fall in December was
less than in previous years. The CML commentated that those who thought lending
would fall sharply in 2005 based on the performance of the first half of the year
were wrong. Confidence in the housing market was supported by the realisation that
short-term interest rates had peaked and the downward trend in fixed-term rates
throughout much of the year, resulting in stable house prices. Furthermore the
second half of 2005 was characterised by strengthening housing market activity and
increased mortgage lending. We expect this trend to continue into 2006 as mortgage
approvals continue to rise. Against this background, house prices should remain
resilient in the coming months.

The Council of Mortgage Lenders' members are banks, building societies and other
lenders who together undertake around 98% of all residential mortgage lending in the
UK. There are 11.6 million mortgages in the UK, with loans worth around £942
billion.

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