Mortgage lending on the rise
August 28, 2007 by admin
Filed under News, News-Mortgages
Figures released by the British Banking Association (BBA) show that mortgage lending has reached a total of £21.3 billion in July, an increase of 12 per cent on last years’ figures.
The average mortgage loan rose to £156,900 in July, which is a rise of 13 per cent from July 2006.
Net mortgage lending growth rose to £5.7 billion, with unsecured lending rising to £200 million.
BBA head of statistics, David Dooks, said: “With customers seeking to replace deals or fix their mortgage costs, increased remortgaging activity boosted the banks’ lending in July.
“Lower approvals volumes simply reflected the seasonal pattern, so we expect the stable trend in the banks’ lending to continue over the next couple of months.”
Building society lending is not included in the figures – which reflect higher overall levels of remortgaging activity.
