Higher Demand On Mortgages
July’s gross mortgage lending figures reached £21.3bn, a 12 per cent increase compared
with 2006 figures. Due to house price inflation below this rate,
the stronger outline reflects superior levels of re-mortgaging
movement during this month.
BBA director of statistics, David Dooks commented: “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.
Spending on credit cards was 8% higher than in July last year,
but because cardholders are at least matching their spending
with repayments, card borrowing continued to reject.”
Inspecting July 2006 figures, house purchase approvals dropped
1% by number but increased 12% by value; remortgaging approvals
resulted an increase of 12% by number and up 26% by value, however
approvals for equity withdrawal were less by 2% via number and
up 10% by value.
Free Mortgage Enquiry