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BBA: Mortgage lending high

Thu, 20 Jul 2006

Mortgage lending continued to be high in June, according to latest statistics from the British Bankers' Association.

The figures state mortgage lending rose by an underlying £5.6 billion last month, which is £0.1 billion lower than May but still £5.3 billion higher than the previous six months.

This means that overall mortgage lending was 18 per cent stronger than the previous year, suggesting borrowing levels are continuing to rise.

David Dooks, director of statistics at the BBA, commented: "While mortgage lending continues to grow strongly, consumer credit is not nearly so robust.

"Net unsecured lending in 2006, so far, has risen by less than half the increase seen in the same period of last year."

He added that credit card borrowing remains "particularly subdued", as net repayments fell by £0.4 billion when compared to the first half of 2005.

The data follows news yesterday that The One account has launched a new campaign to show homeowners how to reduce their mortgages.

Its "Mortgage Shrinker" is an online tool that provides information on reducing mortgages based on data inputted into the system.

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