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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

Mortgage demand `up 12% in July`

28/08/2007

Gross mortgage lending figures rose by 12 per cent in July, compared with the same period last year, new statistics show.

The amount lent to home buyers last month reached £21.3 billion, with remortgaging the likely cause of the high figures due to interest rate rises, the British Bankers` Association (BBA) claims.

During July, 182,950 mortgages were approved, with the average loan for house purchase reaching £156,900 – a 13 per cent increase on last year.

Borrowing on personal loans also rose, by £0.2 billion, while spending on credit cards during the month reached £7.6 billion, an eight per cent increase.

David Dooks, BBA director of statistics, said: "With customers seeking to replace deals or fix their mortgage costs, increased remortgaging activity boosted the banks` lending in July.

"Lower approvals volumes simply reflected the seasonal pattern, so we expect the stable trend in the banks` lending to continue over the next couple of months," he added.

Earlier this month, the Bank of England held interest rates at 5.75 per cent, partly to ease the pressures on lenders. The Bank`s next interest rate decision will be taken on September 6th.

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