Britons 'careful' over finances in April

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Britons 'careful' over finances in April

Tue 22nd May 2007

Britons are paying far greater attention to their personal finances in the present financial climate, the British Bankers' Association (BBA) claims.

Research carried out by the group indicates that net mortgage lending rose by an underlying £5 billion during April , lower than last month as well as the recent monthly average.

While credit card borrowing fell by £0.1 billion during the period, loans and overdraft lending rose by the same amount.

David Dooks, director of statistics at the BBA, commenting upon the figures, said: "Lower mortgage demand, weaker deposit growth and little change in personal loans or credit card borrowing all point to people paying more attention to their finances.

"High house prices and increasing monthly repayment costs are causing a slow down in the mortgage market and people are using money from their accounts instead of borrowing to meet their spending needs," he added.

Figures released by the Council of Mortgage Lenders also indicate that consumers are reacting to a series of recent interest rate rises, with the group claiming that lending in April was nine per cent down compared to March figures.

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