The demand for mortgages is remaining steady, the British Banking Association (BBA) states.
Mortgage lending in July was 12 per cent higher compared to the same month last year and reached £21.3 billion, which reflects high levels of remortgaging activity. The average mortgage loan was £156,900.
British Banking Association director of statistics David Dooks expects the trend for mortgage lending to remain stable over the coming months.
"With customers seeking to replace deals or fix their mortgage costs, increased remortgaging activity boosted the banks’ lending in July," he comments.
Lower volumes of mortgage applications were merely a reflection of the time of year, he adds.
Furthermore, the association discovered that consumer credit card borrowing fell slightly by £0.1 billion despite an increase in credit card usage by eight per cent as consumers match their credit card spending with repayments.
In related news, Abbey has launched a new credit card in conjunction with major supermarkets. Customers using the credit card will receive five per cent cash back for every £1000 spent at a main food chain.
BBA: Mortgage demand is steady
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BBA: Mortgage demand is steady
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