Mortgage Lending Rises £2bn in One Month
Mortgage Lending Rises £2bn in One Month
Mortgage lending grew by £2 billion in August alone, the biggest monthly increase in five years, according to the British Bankers’ Association (BBA).
Approvals soared by 23% annually, while remortgaging rose by 38% to its highest level since 2011.
Chief Economist at the BBA, Richard Woolhouse, explains: “People are putting their money into bricks and mortar while interest rates are low and the timing of a likely rate rise remains uncertain.
“Remortgaging numbers also continue to be strong, as shrewd homeowners snap up competitive deals.”1
Last month, a total of £12.2 billion was lent to home movers and buyers, a yearly increase of 14%.
1 Unknown (2015) ‘Borrowers drive mortgage lending up £2bn in a month’, Metro, 25 September, p.44