Mortgages hit summer slowdown
www.moneynews.co.uk > Mortgages > Mortgages hit summer slowdown
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Money News |
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Mortgages hit summer slowdown
Fri 25th Aug 2006
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The figures show that the gross amount of money lent for mortgages in July was down compared to the record levels of borrowing seen in June.
Although the amount of money being lent for mortgages was higher than the same month in 2005, gross mortgage lending was down seven per cent from June and stood at £19.1 billion.
However, the BBA said that we are seeing a difference in popularity in borrowing between secured and unsecured lending.
David Dooks, the director of statistics at BBA, said: "July is typically a slow summer month for mortgage approvals, so the lower numbers and value of loans approved compared to June were anticipated.
"Meanwhile, unsecured lending is displaying quite a different trend, with the growth rate continuing to decline, largely reflecting the on going contraction in credit card borrowing."
Underlying net lending on credit cards fell in July by £0.3 billion.
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