Skip to main content

Borrowing figures in the mortgage market remain strong as customers take advantage of record low interest rates.





Richard Woolhouse, Chief Economist at the BBA, said:

Borrowing figures in the mortgage market remain strong as customers take advantage of record low interest rates. In particular, remortgaging remains high as savvy customers secure attractive deals ahead of a possible rate rise.


“Credit card purchases were 6% higher last month than a year ago. Buoyant consumer confidence and rising wages may well be playing a role here
.”

Key points:

  • The number of mortgage approvals in September was 24% higher than a year ago, with remortgaging up 40% and house purchase up 14%. First-time buyers continue to find good deals available while existing borrowers are switching to lower fixed rates to control their mortgage costs.

  • Gross mortgage borrowing in September was £12.1 billion. This was 17% higher than a year ago.

  • Bank lending to companies decreased in September and continues to be subdued. Net capital market finance has grown by £16 billion in 2015 so far, with larger companies using it as an alternative to loans and overdrafts.
Download full report here

Further Reading 




Higher planning fees could shorten building / planning applications

Britain Inflation and housing: joined at the hip

Osborne says tougher buy-to-let regulation on its way

The European Union, monetary and financial stability, and the Bank of England - speech by Mark Carney

Countrywide PLC UKs largest Real Estate Agency - Alison Platt CEO Let The Battle Commence Online

London’s housing crisis > Blue and Red debates @ London Mayor Question Time

Property Obudsman calls for property act ,50 % more lettings disputes , data also shows 25 % rise in online estateagents presence