Mortgage lending holds up in November

Whilst the mortgage figures over the summer fluctuated somewhat, the British Bankers’ Association has confirmed mortgage lending has held up in November.

The new figures from the British Bankers’ Association (BBA) have shown that whilst mortgage lending did hold up in November, the number of unsecure loans has decreased and the value of personal deposits has increased – albeit by a slightly less incline than over the past few months.

Looking at the corporate sector, the loans figures to businesses also declined as a whole although loans to non-financial companies had a slight increase.

Statistics Director at the BBA, David Dooks, commented:

“Household priorities are showing up in the figures. Demand for personal loans was weak and people are paying off debt or building savings.”

This is a trend that many experts will agree looks set to continue for the months into 2010 although there is some difference of opinion as to whether the Bank of England base interest rate will stay low for the long term or will increase.

How consumers perceive the future of the base interest rate is likely to determine how remortgage figures move and how they use their spare cash in the next few months.



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