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Consumers took on more mortgage debt in July

26/08/2010

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.

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