Mortgage lending up 10%

Mortgage lending during April was up ten per cent in comparison to the year before say figures released by the Major British Banking Groups (MBBG).

More than £15 billion was loaned against property over the month. The amount is nonetheless four per cent lower than during the same period of 2004.

Including both new purchases and people switching to the best mortgage rate, 169,330 mortgages were approved, down on recent months due to a late Easter.

“Mortgage approvals were predictably weak in April due to there being fewer working days,” said David Dooks, head of statistics at the British Banker’s Association (BBA).

“However after allowing for working day effects, approvals were much in line with recent trends. Though consumer credit increased in line with recent patterns, it followed the previous month’s net repayment.”

While overall numbers slipped the amount borrowed rose as the value of average new mortgages increased by nine per cent to £140,400, compared to the April of last year.

The average value of remortgages increased by four per cent while the number of loans fell by nine per cent.

© Adfero Ltd

Leave a Reply

Your email address will not be published. Required fields are marked *