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Mortgage Lending Rises £2bn in One Month
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
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
