4.5% annual growth in the banks’ net mortgage lending substantially exceeds annual growth of just 1% across the whole market in February, as banks continue to provide the majority of all mortgage finance.
BBA statistics director, David Dooks, said of the latest data:
“Low interest rates continue to influence customer behaviour.
Homeowners are reducing mortgage debt by making, or maintaining, higher
repayments using the extra cash generated by lower mortgage rates. People are
also holding more cash in their everyday accounts, rather than building up
savings accounts and overall unsecured borrowing levels are standing still.
“Uncertainties in business trading are constraining company demand for
finance, with large corporate sectors still seeing contractions in borrowing”.
Please click here for full details.
