Consumers took on more mortgage debt in July

Posted on August 24th, 2010

Consumers took on 2bn more mortgage debt than they repaid in July, according to the latest figures from the British Bankers` Association (BBA).

This represented a 4.1% annual increase in net mortgage lending by banks, the report adds.

Gross mortgage lending came to 8.4bn in July, but this was down on the 8.6bn seen both a month earlier and on average over the six months before that.

Mortgage lending for house purchase came to 5bn, while remortgages came to 3bn and `equity withdrawal and other purposes` accounted for 0.5bn.

Meanwhile, the BBA`s figures also showed a slight increase in net consumer credit lending in July. Net credit card lending increased slightly, but net overdraft lending fell.

Tags: Consumers Took, July, Mortgage Debt
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