BBA reveals stronger mortgage lending
The mortgage lending figures for April, released today by the British Bankers Association, reveal that April’s mortgage lending was stronger than March and that a high number of remortgages were approved in April.
Credit card borrowing fell and this was reflected in the overall marginal fall in consumer credit figures.
Unsurprisingly, deposits, in particular ISAs, grew strongly.
BBA statistics director, David Dooks, said: “Pressures on household finances, stalling house prices and tighter lending criteria in response to lower liquidity are all constraining demand for house purchase and equity withdrawal loans, which are both well down on levels last year.”
“In contrast, there is an active remortgaging market as people switch lenders to obtain better deals. With some £18bn of new lending and nearly 150,000 loans approved in April, it is clear that, contrary to some reports, the mainstream mortgage market has not ground to a halt.”
British Bankers Association April Report 2008
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