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Article: Mortgage lending at new high of GBP 21.5bn
- Article from:
- Evening News - Scotland
- Article date:
- June 19, 2003
CopyrightCopyright 2003 Evening News - Scotland. Provided by ProQuest LLC. (Hide copyright information)
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MORTGAGE lending reached a new record during May as the market
continued to be driven by remortgaging, figures showed today.
Total mortgage lending was GBP 21.5 billion during the month,
while credit card lending reached a new high of GBP 506 million.
The Council of Mortgage Lenders said the strong rise in home loans
was driven by people remortgaging to take advantage of low rates,
with this accounting for 51 per cent of total lending.
Meanwhile, the British Bankers' Association, which measures
lending by the major banks, said the increase in mortgage lending had
slowed to GBP 4.65bn during May, from an average of GBP 5.1bn during
the past six months.
But the group said the figure, which ...