Aug
23
Consumers took on more mortgage debt in July
23-08-2010
Tagged Under : Consumers Took, July, Mortgage Debt
Consumers took on 2bn more mortgage debt than they repaid in July, according to the latest figures from the British Bankers` Association (BBA).
This represented a 4.1% annual increase in net mortgage lending by banks, the report adds.
Gross mortgage lending came to 8.4bn in July, but this was down on the 8.6bn seen both a month earlier and on average over the six months before that.
Mortgage lending for house purchase came to 5bn, while remortgages came to 3bn and `equity withdrawal and other purposes` accounted for 0.5bn.
Meanwhile, the BBA`s figures also showed a slight increase in net consumer credit lending in July. Read full post…