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.
Mortgage lending ’strong’ in May
July 3, 2007 by admin
Filed under News, News-Mortgages
The traditional desire of Britons to purchase property in the summer months continued in May, the British Bankers’ Association’s (BBA’s) latest figures show.
Financial providers lent some £19.7 billion during the month, some eight per cent more than the same period in 2006.
The BBA cited strong re-mortgaging activity as well as the usual pattern of strong lending as a cause for the year-on-year growth.
Some 204,800 mortgages were also approved during May, some two per cent more than May 2006.
Credit card borrowing fell by £0.4 billion during the period, while personal loans and overdraft borrowing also declined by £0.1 billion.
David Dooks, BBA director of statistics, said: “Contrary to the recent stable trend, the banks‘ gross and net mortgage lending strengthened in May, reflecting an improved competitive position, rather than a general rise in mortgage demand across the market.”
He added: “And, because of strong approvals in May, the banks’ higher market share is likely to continue over the next couple of months.
