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. Net credit card lending increased slightly, but net overdraft lending fell.
Similar Posts:
- Credit card interest rates move higher
- Checking Account Overdraft Protection – Avoid Bank Overdraft Fees
- How Does a Second Mortgage Work?
- What is the Best Remortgage Deal?
- Credit Risk Index Falls for Seventh Consecutive Quarter
Tags:
Recent Comments