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Wednesday 8th February 2012

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Mortgage lending strengthens

January's mortgage lending improved a little and approvals for remortgaging were strong, according to figures from British Bankers' Association (BBA).

BBA statistics director, David Dooks,commenting on the months figures said “Higher gross mo rtgage lending in January largely reflected very strong remortgaging activity, as borrowers sought out the best deals available. Although house prices and new loans for house purchase, appear to be subdued as the housing market slows, the strength of remortgaging would suggest competition for mortgage business and switching remains high. “Despite strong volumes of retail sales, card transaction volumes were little changed and spending was more than offset by repayments. Overall consumer credit remained subdued.”

Yearly growth in credit card borrowing increased to 6.2%, and repayments continued to outstrip new spending.

Tagged as: consumers

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