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Uk Mortgage Lending, Approvals Pick Up In Aug; Credit Card Lending Falls - Bba

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http://www.iii.co.uk/news/?type=afxnews&ar...&action=article

UK mortgage lending, approvals pick up in Aug; credit card lending falls - BBA

LONDON (AFX) - UK mortgage lending and approvals picked up in August, but credit card lending slumped, indicating that although the housing market is stabilising, consumer spending remains weak, a survey from the British Bankers Association showed.

Seasonally adjusted net mortgage lending -- gross lending minus repayments -- was 4.3 bln stg in August, up from 3.7 bln stg in July and much more in line with the average of 4.4 bln stg over the previous six months.

The data also showed that the number of approvals for house purchase -- an indicator of future demand -- rose by 9 pct from a year earlier. By value, approvals were up 26 pct from a year earlier.

Remortgaging loans were up 18 pct by value, while equity withdrawal loans were 5 pct lower by value.

At the same time however, consumer credit lending was weak, the BBA said. Credit card lending in August fell for the second time in five months, by 146 mln stg.

August's net mortgage lending "remained in line with this year's stable trend", said David Dooks, BBA director of statistics. He also noted that the monthly amount of gross mortgage lending exceeded the same month a year earlier for the first time in nine months.

Within consumer credit, however, card spending was offset by repayments in August, so that net lending "continued to be subdued", Dooks said.

Structured personal loans and overdrafts were stronger than of late, but the overall trend growth in consumer credit is still "less than half the level this time last year," he added.

jkm/ak

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200,000 people remortgaged an average mortgage of £97,000

That was mortgages taken out at £19,400,000,000

last month..

That was to take up lowered interest rates and fix repayments.

figures and spin...

It was infact desperate people trying to get the cheepest sustainable loans.

Only..

Two year average for a fixed term mortgage means that these were taken out at 3.5%

now they are at 4.9%

which would be

£950,600,000 of payments made by those poor people yearly.. (not each granted)

It was

£679,000,000

That was £271,600,000 wiped of the economy in one month..

Edited by apom

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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